Which option refers to an annuity with payments that are guaranteed to last for the annuitant's life regardless of when they die?

The concept of a life annuity without a refund feature is designed to provide income for the lifetime of the annuitant, ensuring that monthly payments continue for as long as the annuitant is alive. This means that the annuitant receives a guaranteed income stream until death, regardless of their lifespan.

In this particular type of annuity, once the annuitant passes away, payments cease, meaning that there is no return of the initial investment or contributions to beneficiaries. The focus is solely on the lifetime income aspect, which can provide a sense of financial security during the annuitant's life.

The other options represent different structures. A joint life annuity covers two individuals, providing payments until both have passed away. A refund life annuity stipulates that if the annuitant dies before a certain amount has been paid out (often equivalent to their contributions), the remaining balance will go to a beneficiary. Annuity Certain is a fixed term that guarantees payments for a set period regardless of the annuitant's life status. These structures cater to different needs but do not provide the same focused assurance of lifetime income as a life annuity without a refund feature.