Annuities vs Life Insurance

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

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