Final answer:
The life insurance product that provides guaranteed income while the insured is still alive is a Fixed Annuity. It offers a stable and predictable income stream, unlike Variable Annuities or life insurance policies like Whole Life or Term Life, which are mainly focused on death benefits.
Step-by-step explanation:
The life insurance product that offers guaranteed income while the insured is alive is a Fixed Annuity. A Fixed Annuity provides a guaranteed payout, typically in the form of regular income payments for life, which makes it a popular choice for retirement planning. Unlike Variable Annuities, which have income that can fluctuate based on investment performance, or Whole Life insurance and Term Life insurance which predominantly provide death benefits rather than guaranteed living benefits, a Fixed Annuity is designed specifically to provide stable income.
Whole Life insurance does have a cash value component that accumulates over time and can be used by the policyholder while alive, but it is not primarily designed as a guaranteed income stream. Term Life insurance does not provide a cash value or living benefits, as it is purely insurance protection for a specified term, with benefits paid only upon the insured's death.