The reason you might purchase life insurance instead of an annuity depends on what you're trying to accomplish - what your goal is for your insurance or annuity plan.

Annuities provide cash while you are still living, while life insurance provides cash to the beneficiary upon death of the insured person.

So, annuity can provide you with cash, while life insurance can provide your beneficiary with cash at some future time.

With life insurance, you're paying a regular premium u...