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 1 year ago

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