An annuity is a low cost investment that will yield a very competitive rate of return that you can’t outlive. They can be designed to pay out over multiple lives so that both you and your spouse need not worry about running out of income. They can even be designed to pay the remaining balance to another beneficiary upon the death of the original annuitant. It’s a very flexible and customizable product.
Permanent life insurance policy loans give you the ability to access all of the gains on your cash value with no tax penalty. For all intents and purposes, it looks like and smells like a tax-free distribution from your policy.