What type of annuity guarantees benefit payments for a specified number of years?

An annuity certain is specifically designed to guarantee benefit payments for a predetermined number of years, regardless of whether the annuitant is alive or deceased. This type of annuity assures the payee that they will receive payments for a specific period, which can provide a sense of financial security.

If the annuitant passes away before the end of that specified period, the remaining payments typically go to a beneficiary, ensuring that the sum of the payments is delivered as promised. This guarantee is fundamental to the concept of an annuity certain, contrasting with other types of annuities that may not offer such a fixed structure or assurance.

In contrast, other options, like a variable annuity, involve investment components that can lead to fluctuating payments based on market performance. A flexible premium annuity allows policyholders to adjust the premium payments but does not inherently guarantee a fixed duration of benefit payments. Lastly, a fixed benefit annuity typically refers to a type of annuity that guarantees fixed payments but may not specifically include the stipulation of a set number of years for payments. Hence, the correct answer highlights the unique characteristic of an annuity certain, which is its commitment to deliver benefits for a definite period.