Annuities and life insurance have a lot in common. In both cases, you pay money to a company that promises to give it back (and then some) at a later date. Pretty simple, right? But things can get a little fuzzy after this.
In blunt terms, life insurance is for those who are left behind when you die. Maybe it helps your heirs pay final medical expenses or maybe it helps them continue living in their accustomed style. Most life insurance policies pay out only after the policyholder is dead. But annuities are very much a product to be used - and benefited from - during the policyholder’s lifetime.
Annuities can be used for a variety of purposes, including assuring you a lifetime’s worth of income, no matter how long you live,. They can fit well into almost any retirement plan.
For more information on annuities and life insurance, contact us today.