Life insurance or an annuity – what’s right for me?

Life insurance protects your loved ones upon your death, while an annuity protects your income in your retirement years.

Saving money for just-in-case and when-your-time’s-up scenarios is smart. Life insurance and annuity products will help you and your loved ones with each. Here’s the lowdown on what you need to know about both insurance products — so you know what’s right for you.

How they pay policyholders

These insurance products pay differently. Here’s what you need to know:

Life insurance payouts: With life insurance, a beneficiary can opt for the payment of the death benefit in one lump sum (or one single payment) or in a specific income payout, in which an interest-bearing account is set up to deliver monthly or annual payments to the beneficiary.1


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