Annuity or life insurance: when each fits

Life insurance protects a family after an early death. An annuity can protect income during a long life. Their tax treatment also differs.

1. 1.

   Change the facts to your client's. Paste the case and send it.

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   Using Annuities Genius: my client is a 58-year-old widower in Florida with $200,000 in savings outside any retirement account. He is deciding between an annuity and more life insurance for his two children. Show me the annuity side only, if he puts the $200,000 into an annuity: the yearly income he could guarantee from age 67, and the lump-sum death benefit for his children at age 80. Say which age each figure is for. Name the product behind each figure and flag any fee-based (Advisory) product. Label every number as from Annuities Genius. I will add the life insurance figures myself. I decide.

   Select the text and copy it.

2. 2.

   Read the annuity side. Each figure should name its product, its age and its source.

   Income and death benefit may be different products. The death benefit changes with age and may carry a rider charge.

3. 3.

   In the same chat, paste the life carrier's figures. Ask for a side-by-side, each number labeled by source, and when each fits. You decide.

   Annuities Genius has no data on whole life or indexed universal life (IUL).