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Annuity
jean68
Posts: 19 Forumite
Does anyone know if you have an annuity and you die is the money lost or does it go to the next of kin. Thanks xx.
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It will depend on the options selected. A single-life annuity with no guarantee period or spouse's benefit will simply cease on death, while a joint annuity could carry on until after your spouse dies as well, while an annuity with a guarantee period would pay out for the guarantee period regardless of whether you survive. There are also capital guarantees available on annuities, which can leave a balance payable to a beneficiary, but these are very rare and don't seem to be particularly good value from what I've seen.Does anyone know if you have an annuity and you die is the money lost or does it go to the next of kin. Thanks xx.
Annuities generally aren't designed to leave a capital sum for someone else, they're designed to trade in a lump sum for an income spanning the remainder of your life (or a predetermined term).I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0
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