What type of annuity offers payments with options for both a certain time period and the lifetime of the annuitant?

The option of a life annuity certain is designed to provide payments over a specified number of years while also ensuring the annuitant receives payments for their lifetime. This means that if the annuitant passes away before the end of the guaranteed period, the remaining payments will be made to a designated beneficiary, ensuring the investment continues to provide value even after the annuitant's death.

This combination of features makes the life annuity certain particularly appealing to individuals who want the security of lifelong income while also having the assurance that their beneficiaries will receive any remaining payments if they do not live to the end of the specified period. The structure allows for a balance between immediate needs and long-term planning, making it a versatile option in retirement planning.