Which of the following describes a benefit of annuities?

The option that accurately highlights a benefit of annuities is that they provide guaranteed income for life. Annuities are designed as long-term investment products that can ensure a steady stream of income over a specified period or for the annuitant's lifetime. This is particularly advantageous for individuals looking to secure financial stability during retirement, as it helps to mitigate the risk of outliving one's assets. The guarantee of income can be fundamental in budgeting and planning for future expenses.

In contrast, other choices emphasize characteristics that do not align with the fundamental nature of annuities. For instance, the notion that they are easy to liquidate at any time is misleading, as most annuities involve penalties or are subject to surrender charges if accessed before a certain time frame. Immediate access to cash is also inaccurate, as traditional annuities are more about long-term growth and income rather than short-term liquidity. Finally, stating that annuities are the same as life insurance policies overlooks the distinctly different purposes they serve, with annuities focusing on income generation and life insurance providing death benefit protection.