Question

What happens to the money in an annuity if the annuitant passes away before retirement?

Answer 1

It goes to the person that was chosen as a beneficiary when the policy started if it is an individual policy. A person usually names their spouse as sole beneficiary, and all of their children as contingent beneficiaries receiving equal distributions.

Answer 2

It goes to the beneficiary(s) and they have to pay a ton of taxes on it.

Answer 3

It goes to the next of kin. Ie. Wife, children, and so on. I am not sure of the order after that.. . Hope that helps.

Answer 4

The money goes to whomever the person purchasing the annuity has designated as the beneficiary.

Answer 5

it goes to thier benificary, its listed on the annuity or in the will.

Answer 6

In the annuity there should be a person who is designated eire to the money in the account in case of death. Some companies require that person pay a compensational fee to receive the money.

Answer 7

And if no one claims it, it becomes what is known as escheated funds. I don't know the statistics, but a remarkable percentage of people have escheated funds due them from exactly that kind of thing.. . The state governments handle it.. . Check out http://www.unclaimed.org/

Answer 8

goews to the spouse

Answer 9

It is put into the estate of the deceased.