Glenn is $88$ and recently retired. He wishes to ensure that he will have income for the rest of his life, but he is also aware that he could, potentially, live another $30$ or more years, and that infiation could erode his purchasing power during that time.

Which of the following investments would be most appropriate for him?

a$)$ An insured annuity

b$)$ A life annuity

c$)40\%$ of his funds in an annuity with $60\%$ of his funds in a balanced fund

d$)40\%$ of his funds in an annuity with $60\%$ of his funds in an equity fund