Which type of annuity is best for someone seeking the largest benefit amount for the duration of the annuitant's life?

The choice of a straight life annuity is the most suitable option for someone aiming for the largest benefit amount throughout the entire duration of the annuitant's life. This type of annuity provides payments to the annuitant for as long as they live, without any additional benefits or payouts to beneficiaries upon their death. Therefore, the monthly payments tend to be higher compared to other types of annuities, as the insurance company only considers the lifespan of the annuitant without factoring in potential death benefits.

In contrast, fixed and variable annuities are designed for different objectives, such as providing stability or growth potential, and they often come with various options that might reduce the payout amounts. Joint life annuities, while beneficial for couples, typically result in lower monthly payouts because the payments are guaranteed for two lives rather than just one, which can decrease the total lifetime benefit the annuitant receives.

By selecting a straight life annuity, the individual prioritizes maximum payouts during their retirement years by accepting the trade-off of no benefits being paid out to heirs after their passing, making it the optimal choice for maximizing financial support during their lifetime.