Monday, February 10, 2025
Homelife insuranceLife insurance vs. annuities: Which is better for seniors?

Life insurance vs. annuities: Which is better for seniors?

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Both life insurance and annuities can help seniors looking for an additional income source. Getty Images
There are many financial tools that seniors can leverage. Some build wealth or provide income, while others offer protection for heirs or ensure that end-of-life costs are covered.
Life insurance and annuities are two common tools used by this cohort. With life insurance, you pay premiums now, and once you pass on, your beneficiary receives a death benefit they can use to cover your funeral, burial costs and any remaining debts you leave behind. In some cases, life insurance policies have cash values that you can tap later on.
Annuities are a type of investment that results in a steady stream of income payouts in retirement. You usually pay for this via a lump sum.

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