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Tax-deferred growth refers to the investment advantage where taxes on earnings are postponed until funds are withdrawn. While this feature is beneficial for retirement savings, it is not a product itself and does not guarantee a stream of income; rather, it describes a characteristic of certain investment vehicles, including some annuities.

Variable life insurance is primarily a life insurance product that offers a death benefit along with an investment component. While it can accumulate cash value, which may be accessed in retirement, its primary purpose is to provide life insurance coverage rather than a dedicated stream of retirement income.

A modified endowment contract (MEC) is a type of life insurance policy that has exceeded specific contribution limits, leading to tax implications when funds are accessed. Like variable life insurance, while it may provide some cash value, it is not designed for generating a retirement income stream and is primarily intended for life insurance purposes.