It is possible to guarantee an annual income for life starting in the year you turn 65 with the new PRO SSQ Guaranteed Income Funds.
If you are younger than 65, you will receive a minimum 20 year guarantee which can be extended based on market performance, but it can never be shortened. Further, once you turn 65 you will have the opportunity to select the income for life option.
The amount of the income is 5% of your GWB, or Guaranteed Withdrawal Balance. The GWB is made up of your initial contribution plus any notional bonuses as a worst case scenario. The GWB can only increase from this amount (due to market performance), and it can not go down (less withdrawals of course).
So if you start with $100,000 invested, you will guarantee an annual $5,000 income for the rest of your life if you start at age 65. This annual income amount can only go up.