Which statement about Single Life Annuity is TRUE?

A Single Life Annuity is specifically designed to provide the annuitant with guaranteed lifetime income. This means that as long as the annuitant is alive, they will receive regular payments without any risk of outliving their funds. This feature makes it an attractive option for individuals looking for financial security in retirement, as it ensures a steady income for as long as they live.

In contrast, options discussing a specified term or payments to beneficiaries after the annuitant's death do not apply to Single Life Annuities. These annuities do not provide income guarantees beyond the lifetime of the original annuitant, and beneficiaries typically do not receive any payments unless specific additional features, such as a death benefit or a joint life option, are included. Additionally, while the annuitant may have some flexibility in choosing payment frequency or amounts, the overall structure of a Single Life Annuity inherently focuses on the lifetime income aspect, which is why the chosen statement highlights this key characteristic accurately.