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 ability to postpone taxes on investment earnings until withdrawals are made. While this feature is beneficial for retirement savings, it does not inherently provide a stream of income. It is a characteristic of various investment vehicles, but not a product meant to deliver retirement income directly.

Variable life insurance combines life insurance coverage with an investment component that allows policyholders to allocate premiums among various investment options. Although it can accumulate cash value, its primary purpose is not to provide retirement income and may not guarantee regular payments, making it unsuitable for that specific need.

A modified endowment contract (MEC) is a type of life insurance policy that has been funded too quickly and loses some tax advantages. While it can provide benefits, its structure is not designed for retirement income and is instead focused on providing a death benefit, making it less relevant for those seeking a retirement income stream.