Which of the following describes a "life only" annuity payout option?

A "life only" annuity payout option means that payouts are made to the annuitant for the duration of their life. Once the annuitant passes away, the payments cease, regardless of how long they lived. This option is straightforward and designed specifically to provide income until the death of the individual. It offers a way to ensure that the annuitant receives steady income during their lifetime, and it is typically viewed as a way to maximize payments, since the insurer does not have to account for any payouts after the annuitant's death.

The focus of a life only annuity is on the individual's lifespan, without additional contingencies, which is why it is often chosen for those who want to guarantee lifelong income. The other options describe different types of annuity payouts—where payments might continue for a set period, can be passed on to beneficiaries, or are based on joint life expectancy—none of which align with the fundamental characteristic of a life only annuity.