Answer: Straight life annuity
Step-by-step explanation:
The annuity that I will recommend to Nick is the straight life annuity. The straight life annuity gives the largest amount of periodic income.
The straight life annuity also called the straight life policy, is a retirement income that pays the benefit until the death of the person.
After the death of the annuity owner, the payment stops and any further death benefits or beneficiary payments is forgone. This makes the straight life annuity to be less expensive than other forms of annuities.