Annuities

• Systematically distributes accumulated assets
• Pays annuitant an income for life in exchange for a premium
• Reduces the financial uncertainty of living too long
• Premium is determined by age, sex, amount of income, class of annuity and health

Life Insurance

• Creates an Estate
• Pays beneficiary specific sum at death in exchange for a premium
• Reduces the financial uncertainty of dying too soon
• Premium is determined by age, sex, amount of death benefit, type of insurance and health