Explanation:

Let’s break it down:

- Reinsurance is when one insurance company buys insurance from another. It’s about spreading risk, not providing income to a policyholder.

- Annuity is exactly what you’re looking for—a contract where you pay in, then get steady payouts for life or a set period.

This is the answer.

- Option in insurance usually means you have a choice, often about buying more coverage or sticking with what you've got. Not an income contract.

- Perpetuity means payments that go on forever, but that’s a financial concept—not something you buy in the insurance world.

So yeah, you nailed it. Annuity is the word.