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People must actually analyze before plunging into any kind of variable annuity with living benefits. People were once used to buy the term insurance plan and invest the difference rather than opting for cash value life insurance. At present, it is better for an individual to opt for a life annuity and investing the difference, as it is more appropriate for the present trend. There are alternatives which are less expensive and easy as well, which is also going to endure long term results. Life annuities are nothing but the insurance contracts where the people give up their principal for a guaranteed lifetime income. The most common mode of this is a lifetime pension where people get a lifetime income. One actually pays fees for fund management and the provision of insurance guarantees. In return, the individual gets a guaranteed lifetime distribution which is equal to five to six percent of the original investment on a year basis for a life. The guaranteed income for an individual depends on the age as well, because the income is 4 percent for people ranging from 59 to 64, 5 percent for people ranging from 65 to 75 and another one percent increase for people who are older than seventy five.