Some insurers are offering a twist on the traditional immediate annuity that should help retirees protect themselves from outliving their savings, according to Walter Updegrave of Money Magazine. Advanced-life delayed annuities, or longevity annuities, allow investors to buy annuities for a much smaller amount and begin collecting income many years in the future, rather than paying a large sum up front and collecting right away.

Updegrave warns interested consumers to be aware of which product they choose. Annuity owners must have enough income saved to live on until the annuity begins paying out. Older owners receive higher payouts, but if they die before the payout date, that money is lost. Some insurers offer a death benefit or refund, but these options cost more for the same payout.