Do Immediate Annuities Have Beneficiaries?

Nov 14, 2022

Blueprint Income Team

An immediate annuity can have beneficiaries as long as you elect to include a refund at death (a.k.a. a cash refund or death benefit) or a certain period (number of years where payments are guaranteed even if the annuitant has passed away).

For immediate annuities purchased with a refund at death, the beneficiary will receive the premium paid less any income payments the owner had received. If income payments exceed the original premium paid, the beneficiary would not receive any money. For immediate annuities purchased with a period certain, the beneficiary will continue to receive payments for the remainder of the certain period. If the annuity is passed the certain period, the beneficiary would not receive any money.

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If you’re interested in reading more, here are several articles on immediate annuities.

Blueprint Income Team

We are a team of finance, insurance, and actuarial professionals working to make it easier for everyone to achieve a steady and comfortable retirement. We write about annuities (the good and the bad) and provide strategies to help Americans prepare for retirement.