Which financial product is primarily designed to provide regular income after retirement?

An annuity is primarily designed to provide regular income after retirement, making it the correct choice. Annuities are financial products that individuals purchase to receive periodic payments, typically for a specified period or for the lifetime of the individual. They are particularly useful for retirees who want a steady stream of income to cover living expenses in retirement.

The structure of an annuity allows individuals to convert a lump sum of money into a series of income payments that can be scheduled at regular intervals, such as monthly or annually. This feature is essential for retirees who wish to manage their savings effectively over their retirement years, ensuring they do not outlive their funds.

In contrast, term life insurance provides coverage for a specific period and pays a death benefit if the insured passes away during that term; it is not intended for retirement income. Whole life insurance offers both a death benefit and a cash value component that grows over time but is primarily focused on providing a life insurance benefit rather than a source of income during retirement. Health insurance covers medical expenses rather than acting as a source of income, making it unrelated to the need for retirement income.

Thus, the annuity is the most suitable option for ensuring a continuous income flow after retirement.