The Difference between Life Insurance and Annuities

The Difference between Life Insurance and Annuities

When creating your long-term financial plan, consider both life insurance and annuities. Your independent insurance agent can help you choose the right amounts of these financial products for your family’s unique needs.

  Life insurance and annuities both offer death benefits. However, the key difference is this:
  • Life insurance helps your family if you die too soon
  • Annuities help them if you live too long

  Life insurance protects your loved ones financially if you don’t live long enough to provide fully for them. Annuities protect you from outliving your life savings.

Articles - Personal Insurance

Immediate and Deferred Annuities

In the graph below, you’ll learn about the two primary annuity types: immediate and deferred. You can compare them to the most common kinds of life insurance: whole life, and term.

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