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Life insurance and annuity are very basic and common terms but they are different from each other. Annuity is opposite to life insurance as it is like a retirement plan and support future financial needs whereas life insurance is beneficial after the death of the insured.

Life insurance has numbers of benefits, out of which one is giving financial support to family members after insured's death. Money from the insurance policy can also be used in other emergency situations like child's education, marriage etc. sometimes it also gives benefit of low premiums and tax.