Life annuities in the US and Canada often carry different names but the intent of the buyers is the same; guaranteed monthly income for life.
If you buy a life annuity in Canada, that is exactly what it is called, a life annuity. It can be with or without a guarantee of a certain number of years, but in any event it is still called a life annuity.
In the US you will find, the same term but more often you will read the phrases, immediate annuities, fixed term annuities, fixed life annuities and similar terms!
If your principal is invested for a limited time and the income varies, you do not have a life annuity. This is where the problem arises as many of these life annuities are in fact “temporary” life annuities. And they are temporary because they do not give you a guaranteed income for life. Rather your money is invested for a certain term and perhaps your income is fixed for that term. But that is not a life annuity with which you know your income for life.