Which of the following products is designed to pay benefits that can provide a stream of retirement income to the purchaser?

Tax-deferred growth refers to the benefit of delaying taxes on investment earnings until funds are withdrawn. While this feature is advantageous for retirement savings, it does not directly provide retirement income; rather, it describes a characteristic of certain investment accounts and financial products, such as IRAs or certain annuities.

Variable life insurance combines life insurance coverage with an investment component, allowing policyholders to allocate cash value to various investment options. Although it may provide a death benefit and potential cash value growth, its primary purpose is not to furnish a stream of retirement income, but rather to provide life insurance protection.

A modified endowment contract is a type of life insurance policy that has exceeded certain IRS contribution limits, leading to different tax treatment. While it can accumulate cash value, its design focuses on life insurance and taxation rather than on providing a sustainable income stream during retirement.