What happens if I own an annuity and I die?


It depends on what type of annuity you have. Some types of annuities simply stop paying a monthly income and the contract would cease to exist. Other types of annuities continue paying an income benefit to your spouse. Still other types of annuities pay a lump sum of cash to your named beneficiaries.

There are too many scenarios to list in this post but this is a very important question to ask your insurance agent or financial adviser when structuring a retirement strategy using annuities. Many options are available that can be custom-tailored to fit your needs and desired outcome upon death of the annuity owner or annuitant.

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