An annuitant is guaranteed to NOT outlive their benefits with which of the following?

The correct choice is the guaranteed lifetime withdrawal benefit, as it ensures that the annuitant will receive a stream of income for their lifetime, regardless of how long they live. This type of benefit is designed to provide financial security, as it addresses the risk of outliving one’s savings or investment. Even if the account value depletes to zero, the annuitant continues to receive payments, thus removing the concern about outliving their resources.

In contrast, the other options may not guarantee income for the annuitant's entire lifetime. For instance, a fixed period annuity provides benefits for a specific period, meaning that if the annuitant passes away before the term ends, there may be no further payouts. An immediate annuity starts providing income right away, but depending on the type chosen, it might not guarantee payments for life. Lastly, a variable annuity’s payouts can fluctuate based on the performance of underlying investments, and while there are options for lifetime payments, these are not guaranteed in the same way as a guaranteed lifetime withdrawal benefit.