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Educate YourselfWho's who in an Annuity?
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Who's who in an Annuity?
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Insurance Company:
This is the company that issues the annuity. The insurance company is responsible for backing the annuity’s guarantees.
Contract Owner/Annuitant:
These usually are the same person, but they can be different. The owner makes decisions about the annuity, such as who the beneficiaries are. The annuitant is the person whose life expectancy is used to calculate annuity payments.
Beneficiary:
The beneficiary is the person who receives the annuity’s death benefit. Naming one or more beneficiaries is important, because without a beneficiary, the money in your annuity could be subject to probate.
A death benefit can be paid to your beneficiary without probate.
This is the company that issues the annuity. The insurance company is responsible for backing the annuity’s guarantees.
Contract Owner/Annuitant:
These usually are the same person, but they can be different. The owner makes decisions about the annuity, such as who the beneficiaries are. The annuitant is the person whose life expectancy is used to calculate annuity payments.
Beneficiary:
The beneficiary is the person who receives the annuity’s death benefit. Naming one or more beneficiaries is important, because without a beneficiary, the money in your annuity could be subject to probate.
A death benefit can be paid to your beneficiary without probate.
Step One
Time to Rethink Retirement Vertical Divider
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Step Two
Understand the Basics Vertical Divider
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Step Three
Who's who in an Annuity Vertical Divider
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Step Four
Understand the Benefits Vertical Divider
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Step Five
Tax Advantages Vertical Divider
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Step Six
Index Interest Potential Vertical Divider
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Step Seven
Protection Benefits |
