What is the difference between annuities and life insurance?

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While both life insurance and annuities are issued by the insurance companies, they serve opposite purposes. Life insurance is designed to provide benefits to your loved ones after you die, while annuities are designed to provide a benefit while you are still living. Usually the benefit from an annuity is a guaranteed stream of income.

So an annuity hedges against the financial risk of living a very long life, whole life insurance provides for beneficiaries in the event of a premature death.

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