Joint Annuity

stevo63

Hi have had a joint annuity and if I die before my wife she gets 50% but we have been told she has terminal cancer so will not survive me so what happens to her 50% entitlement.

Nitram29

Sorry to read that stevo

You'd need to check the policy details but I doubt you can pass a spouse benefit onto anyone else other than your spouse.

If you can dig out the documentation that is where it should be detailed.

bostonerimus

An annuity is an insurance product. The insurance companies calculate the payouts based on life expectancy tables so that the people that die early fund the payments to those that live longer than average. If you have a 50% joint and survivor annuity then when the first spouse dies the survivor will get 50% of the payment......and the other 50% goes to fund the payments to people still living.

PeacefulWaters

I'm sorry about the awful prognosis.

It's highly unlikely that 50% will retain any value. Unless you remarry. And I assume that's not exactly on your agenda.

Enjoy the time you've got together. I've had a similar diagnosis and have had an amazing year. Fingers crossed I've got more fun to come before this disease gets me.