Annuity Quotes Online Honolulu Hawaii HI

Reader’s Question:

What is the type of annuity that gives me and my family in Honolulu Hawaii HI lifetime income? Will I also find lifetime income if I buy life insurance too?

Nancy

Honolulu Hawaii HI

Hi Nancy

Well, first of all, let’s compare life insurance income from annuities. Basically, life insurance is purely coverage for loss of life. In case, you are referring to the life insurance with cash value – which is permanent life insurance – the “income” that will be derived from cash accumulation will be paid out to beneficiaries upon death of insured. In essence, the payment of the permanent life insurance is single sum. This means that you will not have lifetime income with life insurance.

If you buy annuities on the other hand, you can definitely find a lifetime income with it. The type of annuities with lifetime income is immediate annuities. Generally, the payout will cease if you die. However, if the immediate annuities that you chose has guaranteed period, the income will continue within the guaranteed period even after you die. This time it will be your beneficiaries who will be receiving the income. The other type of annuity is the deferred annuity. You may not have lifetime income with this but you will surely get income periodically or upon withdrawal. This too will cease upon death.

For more comparison on the life insurance and annuities, you can request for permanent life insurance quotes and annuities (all these have cash value). This way, you will know how much is your payment for either of the two and what benefits you get from the two.

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