What are the similarities and differences between retirement needs and insurance? Explain.

Expert Solution

The similarity between retirement needs and insurance is that most people

make monthly or yearly contributions to a plan, so that they can receive a

lump-sum payment in the future. Retirement needs are usually plans like 401(K) and IRA (Individual retirement

accounts). While insurance is usually a policy may it be life insurance or health insurance.

The difference between retirement accounts and insurance policies is that retirement needs

are designed so that a person can receive either a lump-sum or an annuity payment at the time of retirement.

On the other hand, insurance plans are catered to provide financial assistance during the time of an emergency like death

or sickness. However, if there is no emergency and the insurance policy expires, the beneficiary receives a lump-sum payment.

jeff jeffy answered 3 years ago

define and discuss in detail the similarities and differences between group insurance and self-insurance.

What are the similarities and differences between discovery driven innovation and needs driven innovation? How successful...

What are the similarities and differences between discovery driven innovation and needs driven innovation? How successful would a discovery driven innovation be in the health care setting versus a needs driven health innovation? Tanner (2012) stated that “no idea is too crazy or too wild”. What is meant by that statement? Explain how you have seen this implemented during a brainstorming session. Do you agree that an organization that is not capable of innovation is doomed to decline and become...

Define price and value and explain the similarities and differences between the two What is the...

Define price and value and explain the similarities and differences between the two What is the law of demand and what are two reasons why it’s valid?

explain the differences and similarities between prokaryoutes and eukaryotic cells.

explain the differences and similarities between classical and relativistic Electrodynamics.

explain the differences and similarities between classical and relativistic mechanics.

What are the similarities and differences between hedging and speculating?

Indicate the similarities and differences between property and casualty (PC) insurance companies and life insurance companies?

What are the similarities and differences between a Factorial ANOVA and the General Linear Model? Explain...

What are the similarities and differences between a Factorial ANOVA and the General Linear Model? Explain in detail and give examples.

Discuss the differences and similarities between these three business forms : 1. Differences and similarities between...

Discuss the differences and similarities between these three business forms : 1. Differences and similarities between LLC in USA vs SARL in Lebanon 2. Corporation in USA vs S.A.L in Lebanon 3. General Partnership in USA vs. Unlimited Partnership in Lebanon

Question