Life insurance and annuities provide very different benefits. If you are looking for the best way to pass along your assets to your beneficiaries, then life insurance is the best way to go. Life insurance policies are primarily designed for wealth transfer, although they can provide other benefits as well.
If you are looking for something to provide future income, an annuity is a better route. Annuities can provide guaranteed income via annuitization or through an income rider. Both vehicles are long-term investment strategies. Like life insurance, there are many different types of annuities that can provide different benefits.
As with any investment strategy, it’s best to sit down with a professional to further discuss the pros and cons of different strategies to build a custom plan for you.
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