Do Immediate Annuities Have Beneficiaries?

Published August 12, 2019

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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Nimish Shukla

Nimish Shukla

Financial Planning Professional

Nimish has spoken with thousands of customers about retirement spending. As a CFA Charterholder and licensed fixed annuity producer he values the importance of building an income stream for retirement. In addition to his work at Blueprint Income he is also a regular contributor to Nerdwallet.

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