Lifetime income guarantees can only be provided by annuity contracts. Annuities are the only financial product that provides an income stream that you can never outlive. Annuities have a monopoly on lifetime income.
The primary types of annuities that provide a lifetime income stream are Single Premium Immediate Annuities (SPIAs), Deferred Income Annuities (DIAs), Qualified Longevity Annuity Contracts (QLACs), and Income Riders attached to some deferred annuities. All provide a lifetime income stream that you can't outlive.
Annuity lifetime income is a combination of return of principal plus interest with life expectancy at the time the payments start playing the primary pricing role. Interest rates are a secondary pricing factor. The older you are when the income starts, the higher the payment. The younger you are when the income starts, the lower the payment. It's about life expectancy, just like your Social Security payments.
Annuities, regardless of type, are commodity products that should be shopped with all carriers to find the highest contractual guarantee for your specific situation. Annuity quotes are like a gallon of milk because they expire every 7 to 10 days unless you lock in those contractual numbers during the application process.
Shopping for the best lifetime income annuity payouts is kind of like shopping for a plane ticket. You are looking for the best price to get you to your destination, or in this case...financial goal.
Contact Stan The Annuity Man to get quotes and use his annuity calculator. You can also see a live feed of the best MYGA fixed rates and get free copies of his 7 published books on annuities.