What Happens To A Variable Annuity When You Die?

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    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Annuities are contracts.  The contract normally names a beneficiary and often a contingent beneficiary should the beneficiary die first.  The value of the annuity would be transferred to the beneficiary and the company would issue a 1099 for any taxable distribution.  Depending upon the annuity it might have the option for the beneficiary to continue the annuity for their own benefit.
    Answered on August 15, 2014
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