What contract provides income for a specified period of years, or for life?

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Annuity provides income for a specified period or for life. It’s a contract with an insurer where, in exchange for premium, the insurer promises to make periodic payments to the person (the annuitant) for a chosen payout arrangement. You can select a period-certain option that guarantees payments for a fixed number of years, or a life option that continues payments for as long as the annuitant lives. There are variations like fixed or variable payouts and immediate or deferred start, but the essential idea is converting invested funds into a steady income stream. The other terms refer to roles or considerations in planning (who owns the contract, who receives benefits, or how well a product fits needs), not the function of providing ongoing income. That’s why this contract is an annuity.