Whether an annuity can be passed onto heirs depends on the type of annuity you choose. A straight life annuity will end upon the death of the annuitant, leaving nothing to heirs. Life annuities with a guaranteed term will pass the remainder of the payout to a beneficiary if the annuitant dies before the term is up. Term certain annuities pay out during the term, whether the annuitant is alive or not, but then will not pay anything after the term ends.
There are many other choices, all with their own set of guidelines. Just be sure to shop with someone who knows what they are doing if you want to get an annuity that you can pass onto your heirs.
.JPG){kind=avatar}
There are many other choices, all with their own set of guidelines. Just be sure to shop with someone who knows what they are doing if you want to get an annuity that you can pass onto your heirs.