Yes, an annuity usually has a beneficiary. Generally, if the policy has not yet been annuitized and the annuity owner(s) is deceased, the beneficiary will receive the annuity and can choose to keep it, cash it in, or annuitize it. There may also be a death benefit that is paid to the beneficiary at this time.
If annuity payments have already been started being paid, then the beneficiary can continue receiving those. If the annuity was a life income annuity there might not be any payments made to the beneficiary unless some guarantees were built into the contract.
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If annuity payments have already been started being paid, then the beneficiary can continue receiving those. If the annuity was a life income annuity there might not be any payments made to the beneficiary unless some guarantees were built into the contract.