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 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.
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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