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.
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Comparing the exact financial value of an immediate annuity to a traditional investment product is like comparing apples to oranges. But it’s important to make some assumptions and run the numbers. So here it goes!
An immediate annuity can provide you with peace of mind during retirement. While not right for everyone, find out if an immediate annuity fits your retirement needs.
There are many features you can add to your immediate annuity so it properly fits your needs. We’ve broken down the options you can select to customize your immediate annuity.