Both can be smart tools for seniors, but they serve very different purposes. Here's how to tell which is better.
There are many financial tools that seniors can leverage. Some build wealth or provide income, while others offer protection for heirs or ensure that end-of-life costs are covered.Life insurance and annuities are two common tools used by this cohort. With life insurance, you pay premiums now, and once you pass on, your beneficiary receives a death benefit they can use to cover your funeral, burial costs and any remaining debts you leave behind.
'Life insurance could be a better choice if the senior has sufficient assets to maintain their standard of living throughout their lifetime and can handle some fluctuation in the markets for their investment portfolio,' says Jack Gates, vice president and advanced planning advisor at Rockland Trust in Hanover, Massachusetts. 'Also, if the senior has a pension that provides a lifetime income through their employer — teachers, for example — then life insurance could be a better choice.
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