What Is The Difference Between Life Insurance And An Annuity?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    In general, life insurance pays out the cash proceeds when the insured person passes, while annuities pay out the cash proceeds when the insured person is alive. Some life insurance policies have a cash value that can be borrowed from, but the cash must be paid back to keep the policy intact. An annuity is designed for the purpose of making regular payments to the annuity holder while still alive.
    Answered on July 13, 2013
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