By properly using this flexibility, one policy can serve multiple life insurance needs. This gives you simplicity and efficiency in your life insurance program. Because there are no cash value accumulations with term insurance, the premiums at any given issue age are temporarily lower than for a comparable amount of permanent insurance. Term insurance is ideally suited for meeting temporary protection needs such as providing your family with an income or paying off a mortgage should you die during the term period. An annuity is a savings vehicle, used primarily for retirement planning.
Money is kept on deposit at interest until distribution is desired.
Benefits include guaranteed safety, liquidity, deferred income tax, and competitive interest. Annuities may be established as an IRA, and may be used for allowable pension rollovers and tax-deductible retirement savings. Disability Income Protection Provides a reliable source of replacement income regardless of the type of disability. Accident and sickness fall into five general categories. For a child or grandchild, it can be the beginning of his or her financial estate.