No. of Recommendations: 1
It looks like one key difference has been missed: With the CD, you spend the money and it gets used up and then you have no more. The SPIA or SPDA pays you for life. ...

Are you certain? Really certain?
...A 15-year certain term does not pay for life. It only guarantees 15 years of payments, if you live that long. After the 15th year, you're out of luck.

"How Long Will Payments Last?

The next major consideration is whether you want to risk losing a significant portion of your investment to the annuity company if you die before receiving enough payments to justify the annuity purchase...

Life Annuity with Period Certain (Fixed Period/Guaranteed Term)
Minimum period of payments – even after death of buyer – with remaining payments to beneficiary.

...Life Annuity with Period Certain (Fixed Period/Guaranteed Term)

Period certain annuities are the same as a straight-life annuity, but it includes a minimum period the payments will last – say 10 or 20 years – even if the annuitant dies. If the annuity holder dies before the end of the period, the payments for the rest of that time will go a beneficiary or the annuitant’s estate. Adding the period certain will cost you, lowering the amount of your monthly payments."


To me, that sounds like a payment for life, with a minimum period where your beneficiaries get the payment if you die before that minimum time.
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