Why Would You Purchase Life Insurance Rather Than Annuities? 
Life insurance solves the problem of dying too soon . An annuity solves the problem of living too long . They both can accumulate cash on a tax deferred basis . Both rely upon the promises made by an insurance company . IF your concern is to provide cash in the event of premature death , then you want life insurance . If it is to provide a guaranteed income for the rest of your life then you want an annuity . 