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 an investment strategy where taxes on earnings are postponed until withdrawal. While this is a beneficial feature of certain retirement accounts, it does not directly provide the stream of income itself; rather, it pertains to the accumulation phase of investments, which may or may not result in retirement income.

Variable life insurance is primarily designed to provide a death benefit alongside a cash value component that can grow based on investment performance. Although it can accumulate value, its main purpose is not to provide a stream of income during retirement but rather to offer life insurance coverage.

A modified endowment contract (MEC) is a type of life insurance policy that has been funded with excess premiums, which limits the tax advantages associated with cash withdrawals. Like variable life insurance, its primary function is not to provide retirement income but to offer insurance benefits and potential cash value growth.