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Annuities are used in retirement planning, while life insurance is a better choice to prevent financial catastrophe. Annuities may offer a death benefit like insurance does, but its primary ...
Whole life insurance, or whole of life assurance (in the Commonwealth of Nations), sometimes called "straight life" or "ordinary life", is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. [1]
Life annuities may be sold in exchange for the immediate payment of a lump sum (single-payment annuity) or a series of regular payments (flexible payment annuity), prior to the onset of the annuity. The payment stream from the issuer to the annuitant has an unknown duration based principally upon the date of death of the annuitant.
In the case where the annuity and life assurance are not whole life, one should replace the assurance with an n-year endowment assurance (which can be expressed as the sum of an n-year term assurance and an n-year pure endowment), and the annuity with an n-year annuity due.
Benefits. Term Life Insurance. Whole Life Insurance. Duration. Varies; can last for a period of years or to a specific age. Life. Cost. Variable, but usually lower than whole life policies
In the world of finance, an annuity is a contract between you and a life insurance company in which you give the company a lump sum or series of payments, and in return, the insurer promises to ...
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