Fixed period settlement options are considered to be a form of which financial product?

Fixed period settlement options are considered a form of an annuity because they provide a series of payments made over a specified time period. In an annuity, the policyholder pays a lump sum or a series of contributions, and in return, the insurance company promises to make periodic payments to the policyholder for a predefined duration.

The fixed period settlement option specifies exactly how long the payments will be made—for instance, to pay out over 10 or 20 years. This is distinct from a term insurance policy, which only provides a death benefit for a specific term and does not offer any settlement options, as it does not accumulate cash value or provide periodic payments during the policyholder's lifetime.

Variable life insurance and universal life policies both involve taking on investment risk and provide flexible premium payments, but they do not inherently offer fixed period settlement options as they relate to the payout of death benefits rather than structured periodic payments. Thus, the characteristic of fixed period settlement aligns with the framework of annuities, making it the correct choice in this context.