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

A modified endowment contract (MEC) is a type of life insurance policy that has been overfunded in a way that alters its tax benefits. While it can accumulate cash value, its primary function is not to provide retirement income but rather to serve as a life insurance policy, which may have different tax implications.

Tax-deferred growth refers to the way certain investments, such as retirement accounts, grow without immediate tax implications. However, it does not specify a product designed for retirement income; instead, it describes a feature of various investment vehicles that can include annuities or other retirement accounts.

Variable life insurance is primarily a life insurance product that includes an investment component. While it may build cash value and provide some benefits, its main purpose is not to deliver a steady income stream during retirement, but to offer life coverage along with the potential for investment growth.