Annuity payout option allows the policyowner to choose a pre-determined number of benefit payments?

The annuity payout option which allows the policyowner to choose a pre-determined number of benefit payments is known as an "Ă„nnuity Certain". A certain annuity is generally less expensive and provides a better return than a whole life annuity as there is some risk that the policy holder will outlive the payment stream, known as longevity risk.