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What is the difference between annuity life and whole life insurance?

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1. annuity is paid till a person passes away whereas life insurance is paid after a person passes away to the beneficiaries

2. annuity is paid as periodic installments whereas life insurance is paid as lump-sum.

3. annuity support future income requirement. life insurance support the need of beneficiaries.

4. annuity is a retirement planning tool whereas life insurance is a product providing inheritance.

5. annuity pays back total value + gains earned. life insurance may provide benefit multiple times larger than premium paid



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