A life annuity with a 15-year period certain will pay for how long?

A life annuity with a 15-year period certain guarantees that payments will be made for at least 15 years. This means that the annuitant will receive payments for the entirety of their life, but if they pass away before reaching the 15-year mark, the payments will continue to their beneficiaries until that period is completed. This structure ensures that the annuitant has the security of lifetime income while protecting the investment for heirs if the annuitant does not live the full term.

Therefore, the correct answer encompasses both the lifetime benefit and the minimum period of 15 years. This type of annuity provides a balance of income security for the annuitant and a safety net for their beneficiaries, merging longevity risk with a guaranteed payment period.