Not in the same ballpark. Annuities are considered life products but they vary greatly in the riders/options offered. An annuity grows tax deferred like a qualified plan(trad ira). But the earnings are taxable at ordinary income rates. They can pass on tax free which is a great feature. Fixed annuities have a fixed rate a variable annuity has subaccounts like mutual funds that you invest in. That is just the basics but yhey are not like whole insurance.