In its most general sense, an annuity is an agreement for one person or organization to pay another a stream or series of payments. Usually the term "annuity" relates to a contract between you and a life insurance company, but a charity or a trust can take the place of the insurance company.
Whole Life Insurance
For most people, the need for life insurance may decrease, but it never goes away. As time passes, circumstances change, but the need for portection never disappears. Whole Life Insurance provides a number a features including guaranteed life inusrance protection that will not decrease, guaranteed cash value that can be borrowed to take advantage of future opportunities, and your payments are guaranteed not to change, regardless of changes in health.
Universal Life Insurance
Universal Life Insurance combines the best of both worlds - the affordability of term insurance with the long-term security of permanent life insurance. It is ideal for inheritance or wealth transfer, charitable giving, business continuation coverage, and key person coverage. A few of its many features include guaranteed cash value, flexible premiums, and a choice of level or increasing death benefit.
Term Life Insurance
Term Life Insurance can be a cost-effective way to cover costs for loved ones left behind. Those costs may include replacing a wage earners income, paying off debt or covering college costs. When you buy term insurance, you choose how long you need it and how much coverage you want.