Rick Case Insurance Agency
  • Home
  • Quotes
    • Auto Quotes >
      • Auto Insurance Quote
      • ATV Insurance Quote
      • Classic Car Insurance Quote
      • Roadside Assistance Quote
      • Motorcycle Quote
      • RV Insurance Quote
    • Property Quotes >
      • Home Insurance Quote
      • Earthquake Insurance Quote
      • Flood Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
    • Life & Financial Quotes >
      • Life Insurance Quote
      • Annuity Quotes
      • Disability Insurance Quote
      • Final Expense Insurance Quote
    • Business Quotes >
      • Business Insurance Quote
      • Business Owners Package (BOP) Insurance Quote
      • Group Benefits Insurance Quote
      • Insurance Bond Quote
      • Workers Compensation Quote
    • Health Quotes >
      • Health Insurance Quote
      • Critical Illness Insurance Quote
      • Dental Insurance Quote
      • Long Term Care Insurance Quote
      • Medicare Supplement Coverage Quote
      • Vision Insurance Quote
    • Other Quotes >
      • Boat Insurance Quote
      • Event Insurance Quote
      • Umbrella Insurance Quote
  • Service
    • Report a Claim
    • Make a Payment
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Contact My Carrier
    • Online Documents
    • Free Consultation
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Boat Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Property >
      • Home Insurance
      • Earthquake Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
    • Life/Financial >
      • Life Insurance
      • Annuities
      • Disability Insurance
      • Final Expense Insurance
      • Financial Planning
      • Umbrella Insurance
    • Business >
      • Business Insurance
      • Business Owners Package (BOP) Insurance
      • Group Benefits
      • Insurance Bonds
      • Workers Compensation
    • Health >
      • Health Insurance
      • Critical Illness Insurance
      • Dental Insurance
      • Long Term Care Insurance
      • Medicare Supplement Coverage
      • Vision Insurance
    • Other >
      • Event Insurance
  • About
    • Staff Directory
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • Agency Photo Gallery
    • Newsletter Signup
    • Blog
    • News
  • Contact
  • Home
  • Quotes
    • Auto Quotes >
      • Auto Insurance Quote
      • ATV Insurance Quote
      • Classic Car Insurance Quote
      • Roadside Assistance Quote
      • Motorcycle Quote
      • RV Insurance Quote
    • Property Quotes >
      • Home Insurance Quote
      • Earthquake Insurance Quote
      • Flood Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
    • Life & Financial Quotes >
      • Life Insurance Quote
      • Annuity Quotes
      • Disability Insurance Quote
      • Final Expense Insurance Quote
    • Business Quotes >
      • Business Insurance Quote
      • Business Owners Package (BOP) Insurance Quote
      • Group Benefits Insurance Quote
      • Insurance Bond Quote
      • Workers Compensation Quote
    • Health Quotes >
      • Health Insurance Quote
      • Critical Illness Insurance Quote
      • Dental Insurance Quote
      • Long Term Care Insurance Quote
      • Medicare Supplement Coverage Quote
      • Vision Insurance Quote
    • Other Quotes >
      • Boat Insurance Quote
      • Event Insurance Quote
      • Umbrella Insurance Quote
  • Service
    • Report a Claim
    • Make a Payment
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Contact My Carrier
    • Online Documents
    • Free Consultation
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Boat Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Property >
      • Home Insurance
      • Earthquake Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
    • Life/Financial >
      • Life Insurance
      • Annuities
      • Disability Insurance
      • Final Expense Insurance
      • Financial Planning
      • Umbrella Insurance
    • Business >
      • Business Insurance
      • Business Owners Package (BOP) Insurance
      • Group Benefits
      • Insurance Bonds
      • Workers Compensation
    • Health >
      • Health Insurance
      • Critical Illness Insurance
      • Dental Insurance
      • Long Term Care Insurance
      • Medicare Supplement Coverage
      • Vision Insurance
    • Other >
      • Event Insurance
  • About
    • Staff Directory
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • Agency Photo Gallery
    • Newsletter Signup
    • Blog
    • News
  • Contact

Rick Case Insurance Agency Blog

Annuity vs. Life Insurance: Which is better for Retirees?

4/14/2020

0 Comments

 
Picture
​Annuities and life insurance are policy products issued by various insurance companies. Annuities are distinct financial products that are very much different from life insurance, but they sometimes have similarities. Although both products provide death benefits, they are very special options that serve different purposes.

In this article, you are going to learn about the similarities and differences between the two distinct policy products. You will be able to compare both and choose which one is the better retirement option.
Life Insurance vs. Annuities
In a nutshell, life insurance plans provide income for dependents once the policyholder prematurely dies. Annuities provide income to the policyholder if he or she lives beyond the foreseeable lifespan stated in his or her policy.

Three Kinds of Annuities
Annuities provide tax-deferred savings for retirement income. As mentioned before, annuities provide death benefits to beneficiaries, but it is not free from taxes. Below are the three kinds of annuities:
  • Deferred Annuity
    As the name implies, income is deferred after paying premiums at a later date. There are three further classifications of deferred annuities: Traditional, Fixed Indexed, and Variable. The differences lie in how they earn interest and the policyholder’s choice of either making safe investments or looking for greater returns.

  • Intermediate Annuity
    It pays benefits once you start paying premiums. Intermediate annuities are purchased with a lump-sum payment. It starts to give payouts no later than a year once policyholders have paid the premiums.

  • Longevity Annuity
    It is a fixed-income annuity that can be issued at any age, with income deferred up to 45 years. It is like a supplemental pension plan that you can use once your regular retirement plan stopped paying out. Policyholders usually dish it out once they reach 80 years or older.

Which is better for retirees?
If your long term plan is to help your dependents in paying for your memorial expenses, settling bills, and leaving them a legacy, life insurance is what you need. But if you plan on enjoying your retirement age, then annuities should be your choice.

It all depends on what purpose you lay down for yourself or your family. Life insurance is a good option if you want your dependents to enjoy the “legacy” you left them tax-free. The good thing about life insurance is that you can convert it into annuities if you want! 

At Rick Case Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (405) 722-5556. Get your free quote today by CLICKING HERE.
0 Comments



Leave a Reply.

    Contact Us

    (405) 722-5556​
    7306 NW Expressway
    Oklahoma City, OK 73132​
    Click Here to Email Us

    Archives

    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018

    Categories

    All
    Annuities
    Auto Insurance
    Boat Insurance
    Business
    Business Insurance
    FAQs
    Financial
    Health Insurance
    Home Insurance
    Insurance
    Life Insurance
    Local
    Rick Case Insurance Agency Blog
    Safety
    Workers Compensation

    RSS Feed

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
Agent Login

Connect With Us

Share This Page

Contact Us

Rick Case Insurance Agency​
7306 NW Expressway
Oklahoma City, OK 73132
(405) 722-5556
Click Here to Email Us
Review Us

Location

  LOC BANNER 2   Website by InsuranceSplash