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What Happens To My Annuity When I Die?

Here is another good question in the long line of excellent questions many people have about annuities, “What happens to my annuity when I die?”

What happens to my annuity when I die? That is an excellent question and there are many people who would really like to know the answer to that question.

What happens to my annuity when I die?

The answer would depend on the type of annuity that you have and the provisions that you have put in place concerning that annuity. The fact will always remain that if you die without having taken the necessary steps to insure that your survivors will benefit from whatever you leave behind they could very well be left with nothing.

What happens to my annuity when I die if I have named beneficiaries?

If you have named a beneficiary to your annuity, then you have taken the correct steps to insure that the funds you may have set up for your retirement will be distributed in the manner that you have chosen.

What are death benefits?

Below is a list of death benefits that you might want to investigate before you invest in an annuity in order to insure that your wishes are taken care of.

1. Standard death benefit
2. Return of premium death benefit
3. Stepped-up death benefit

What next?

Since there are a variety of different types of annuities out there, that offer an assortment of payout options, it would be well worth your effort to scrutinize them all before you decide to make that investment. By the same token, you will want to determine what death benefits will suit your purposes. Remember that taking care of your survivor’s future needs may be as simple as including death benefits to the annuity that you may choose.

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