What type of annuity guarantees payments for a specified number of years regardless of death?

The correct answer is the type of annuity that guarantees payments for a specified number of years regardless of death, which is a temporary annuity certain. This type of annuity ensures that even if the annuitant passes away before the end of the specified period, the payments will continue to be made to the beneficiary or the estate for the remainder of that term. This feature provides assurance that the investment will not be lost due to the annuitant's death.

In contrast, immediate annuities begin payments right away but do not necessarily guarantee payments for a specific duration beyond the annuitant's lifetime. Variable annuities invest premiums in various portfolios which can lead to fluctuating payouts and are often tied to the performance of underlying investments, rather than guaranteeing a specific payment period. Fixed annuities provide guaranteed returns but also do not specify payment for a certain period regardless of death post-annuitization. Therefore, a temporary annuity certain is specifically structured to fulfill the need for a guaranteed payment schedule for a defined term, independent of the annuitant's status.