cchang

Whole Life - a policy lasting fot eh individuals entire life
Term Life - a policy that lapses/expires after X years
Fixed Rate annuities - annuities that grow at a fixed rate. Provide longevity protection but have inflation risk.
Time horizon - almost always into perpetuity assuming the plan is a going concern. Additionally, you prob want to state that if the workforce is older etc you may have a higher focus on income to meet the higher benefits projected in the near term.