Which statement is accurate concerning an Individual Straight Life annuity?

An Individual Straight Life annuity is designed to provide a guaranteed income stream for the lifetime of the annuitant. This means that as long as the annuitant lives, they will continue to receive payments, regardless of how long that may be. The fundamental advantage of this type of annuity is the security it offers, ensuring that individuals do not outlive their income.

Payments are not temporary, as they last for the entirety of the annuitant's life. Additionally, they are not dependent on stock market performance, which is characteristic of variable annuities rather than straight life annuities. The concept of payments stopping after a set period (like 10 years) does not apply either, as the straight life annuity's purpose is to provide ongoing income until the annuitant passes away. Thus, the characterization of payments being made to an annuitant for life is the most accurate statement regarding this type of annuity.