Which of the following statements is incorrect? A life insurance policy allows the beneficiary to receive proceeds at some future date. An annuity is a financial contract written by an insurance company that provides you with regular income. A deferred annuity allows an individual to receive payments from an annuity at some future date. An immediate annuity allows an individual to receive income payments from an annuity beginning at once. An annuity is more advisable for people in poor health than for those who are likely to live longer than average.