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Explanation: It is just called annuity, but I think the policyholders generally need to buy the policy BEFORE they retire or reach the age of 65, instead of began buying AFTER they retire or turn 65 yrs old. This part I am not so sure though.
Another kind of policy could be similar to what you are asking. It's the "Term Life" policy. This kind of policy covers just a period of the policyholder's life, say 10, 20 or 30 years.
Annuities can also be "term-certain" if the policyholder is more paranoid about being dead in just a few years after they start collect the annuity benefts.
angielin Singapore Local time: 15:00 Native speaker of: Chinese