When it is time to retire, you may wish to purchase an annuity that will provide regular income to meet your expenses.
A basic form of an annuity is called a life annuity, which pays a regular
amount for as long as you live.
Annuities are the complement of life insurance. Since payments are made until death, the peril is survival and the risk you have shifted to the insurer is the risk of living longer than your savings would last.