While both life insurance and annuities are issued by the insurance companies, they serve opposite purposes. Life insurance is designed to provide benefits to your loved ones after you die, while annuities are designed to provide a benefit while you are still living. Usually the benefit from an annuity is a guaranteed stream of income.
So an annuity hedges against the financial risk of living a very long life, whole life insurance provides for beneficiaries in the event of a premature death.
Questions, comments, or concerns? We’d love to hear from you! Send an email to [email protected] or book a call at Shateka.com.
@shatekahusser and download your retirement planning workbook so you can begin TAKING ACTION toward your retirement.