What is the definition of Annuity Beneficiary?

The Annuity Beneficiary is the person who gets the annuity contract payments in the event that the annuity owner dies while he still stands to receive guaranteed payments. The annuity beneficiary is very much the same as the beneficiary of a life insurance policy. It is only after the death of the annuitant that the beneficiary has "rights" or "status" with regards to the annuity.

An annuity beneficiary can either be a person, a partnership, a corporation or a trust.  But, unlike the beneficiary of an insurance policy, the annuity beneficiary does not need to have any relationship with the annuitant - they may be virtual strangers, as long as it is the annuitant who chooses that annuity beneficiary. The annuity can also have multiple beneficiaries with a specific percentage assigned to a specific beneficiary.

In most cases, the beneficiary of the annuity would be the spouse of the annuity owner.

• Businessowners Policy / BOP
• Competitive State Fund
• Excess and Surplus Lines
• Employer’s Liability
• Blanket Insurance