Life insurance is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death. There are various types of life insurance policies, but they generally fall into two categories: term (temporary) insurance and permanent insurance, which includes whole life and universal life.

An annuity is a financial product sold by insurance companies that promises to pay you a steady income either immediately or in the future. You invest a sum of money into an annuity, and it makes payments to you on a future date or series of dates. The income you receive can be doled out monthly, quarterly, annually, or even in a lump sum payment.

Yes, the main types are term life insurance and permanent life insurance. Term life insurance provides protection for a specific period and pays out only if you die during the policy term. Permanent life insurance, like whole life or universal life, remains in force for your entire life as long as premiums are paid, and it can accumulate cash value over time.

A fixed annuity provides regular periodic payments to the annuitant and offers a guaranteed interest rate on your contributions. A variable annuity allows you to invest your contributions in different investment options for potentially higher returns, but with greater risk, and the payment amounts can vary based on the performance of the investment options.

An IRA (Individual Retirement Account) is a personal retirement savings account. It offers tax advantages and a wide range of investment options. There are different types of IRAs to choose from.

Saving for retirement is crucial for financial security in your later years. Consider contributing to retirement accounts like 401(k)s or IRAs and consult with a financial advisor for personalized guidance.