Which of the following is NOT true regarding straight life annuities?

The statement that straight life annuities cannot be sold or transferred reflects a misunderstanding of these financial products. Straight life annuities are contracts that provide regular payments to the annuitant for as long as they live, and they typically offer significant financial security by guaranteeing income for the duration of the annuitant's life, regardless of how long that may be.

Payments continue until the death of the annuitant, which is true and reflects the purpose of this type of annuity. Furthermore, while it's commonly understood that straight life annuities do not usually provide death benefits, this does not mean that the annuity itself is entirely intractable; some policyholders may find ways to use its value in estate planning or may choose options that do manage aspects of transferability depending on specific contract terms.

In general, straight life annuities are indeed designed primarily to provide steady income and financial security for the annuitant’s lifetime without the contingency of death benefits being a prominent feature, thereby reinforcing their role as a source of guaranteed income in retirement.