QLAC is a retirement strategy in which a portion of the required minimum benefits (RMD) is deferred until a certain age (maximum limit is 85 years). The insurer assumes market and interest rate risk.
Annuities are insurance financial products that can be structured to pay the policyholder for a specified period of time or for as long as the insured and his spouse are alive.
A life annuity is an insurance financial product under which a person is paid monthly, quarterly, semi-annual or annual payments throughout his life, starting from a specified age.