An annuity that guarantees income for a specific length of time is called what?

A period certain annuity is specifically designed to provide guaranteed income for a predetermined length of time, which can be a set number of years. This means that regardless of whether the annuitant passes away during that period or not, the payments will continue to be made to the beneficiary or another designated recipient until the end of the specified term.

This feature distinguishes it from other types of annuities. For example, lifelong annuities continue until the annuitant's death, while temporary annuities, if they exist, don't define a fixed term that guarantees payment for a specific length of time. Fixed annuities, on the other hand, refer to the nature of the returns they provide, rather than the timeframe of payments. Thus, the term "period certain annuity" accurately captures the essence of an annuity that guarantees income for a particular duration.