What Happens To My Variable Annuity If I Die?
0 POINTSContact Meview profileHead LibrarianInsuranceLibrary.com, South DakotaAll annuities are legal contracts. A feature of an annuity is that it designates a beneficiary. As an annuitant you select who any money owed you should be sent upon your death. Reviewing these designations is extremely important. If your beneficiary and contingent beneficiary predecease you, proceeds will then be paid into your estate and distributed by the probate court.Answered on August 4, 2014+01+1 this answer
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21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! Depending upon how you set your annuity up at the beginning, your annuity will either continue paying your spouse, go to whomever you named as a beneficiary( or to your estate), or to the company. If you chose lifetime payments, they stop when you do, and anything left in the account goes to the insurance company. If you chose income for a guaranteed period, it pays for that period, or until you pass, and the balance goes to your beneficiary. If you chose lifetime period certain, then the payments are guaranteed to last a certain number of years, even if you pass ( the payments continue to your beneficiary), and then stop at the end of the specified period. If you chose joint and survivor, the payments continue until you both have passed, and whatever is left goes to your beneficiaries. Complicated? A little bit, that's why a good agent or advisor is needed. I hope that helps, thanks for asking!Answered on August 5, 2014flag this answer
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