05 Jun Annuities vs Term Life Insurance: Which Meets Your Needs?
Annuities vs Term Life Insurance
Annuities and term life insurance serve different financial purposes. Understanding their key differences can help you choose the right product for your financial planning. Let’s break down what each offers and how they can benefit you. (Annuities vs Term Life Insurance)
Annuities Overview:
Annuities provide a guaranteed income stream, often used for retirement planning. They convert a lump sum of money into periodic payments, offering financial security.
Term Life Insurance Overview:
Term life insurance provides coverage for a specified period, typically 10, 20, or 30 years. It’s designed to offer financial protection to your beneficiaries if you pass away during the term.
Key Differences:
- Purpose:
- Annuities: Designed to provide a steady income stream, particularly during retirement.
- Term Life: Offers a death benefit to protect your beneficiaries financially.
- Premiums and Payments:
- Annuities: Involve a lump sum or series of payments to receive income in the future.
- Term Life: Regular premium payments provide coverage for the specified term.
- Coverage Duration:
- Annuities: Can provide income for a set number of years or for life.
- Term Life: Coverage lasts for the specified term only.
Choosing between annuities and term life insurance depends on whether you seek income security or life insurance coverage. For expert advice in selecting the best product for your needs, contact The Policy Shop today.
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