Martin, 38 years old, has a longevity annuity, while Kevin, 36 years old, has a deferred annuity. Which of the following statements is true:

Both Martin and Kevin can accumulate and add more funds into their annuity accounts.

Answer 1 We can expect Martins annuity to be much cheaper to purchase compared to Kevins annuity.

Answer 2 Kevin has more flexibility in the options of his annuity than Martin.

Answer 3 Both Martin and Kevin will start receiving annuity payments at a later date.

Answer 4 If Kevin dies before starting to receive annuity payments, his beneficiaries might receive death benefits.

Answer 5 If Martin dies before starting to receive annuity payments, his beneficiaries might receive death benefits.