Do Annuities Have Beneficiaries?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaYou can name primary beneficiaries for your annuities. You can also name contingent beneficiaries as back ups to your primary beneficiaries. A beneficiary can even be a charitable organization or a trust. The annuity policy owner can also change the beneficiaries at his or her discretion at any time.Answered on August 4, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaAn annuity is the product of a life insurance company. Naming a beneficiary is an important feature of an annuity. It is a contract and is executed outside of probate. Naming a beneficiary is an important part of the application. Selecting a contingent beneficiary is very important to avoid a situation where the proceeds of the annuity would be paid into the estate and therefore subject to probate.Answered on September 17, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! As annuities are an insurance product, there is the ability to structure your annuity to allow the remaining balance to pass to a beneficiary. Depending upon how you structure it, you can have your annuity pay for a certain number of years and run out; pay until you pass, then continue to pay your spouse; or pay the remainder to a beneficiary when you and your spouse have passed. That amount can be structured as a lump sum, (taxes!) or a series of payments (lesser chunk of taxes). Ask your agent to walk you through the options, ok? Thanks for asking!Answered on September 17, 2014flag this answer
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