August 25, 2006 10:51 AM
Annuity's Many Benefits #6: Benefits to Heirs
Why should you consider annuity as an integral part of your investment plan? Here is our point-by-point breakdown of annuity's many benefits:
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Benefits to Heirs
There is a common misconception about annuities that goes like this: if you start an immediate lifetime annuity and die soon after that, the insurance company keeps all of your investment in the annuity. That can happen, but it doesn’t have to. To prevent it, buy a “guaranteed period” with the immediate annuity. A guaranteed period commits the insurer to continue payments after you die to one or more beneficiaries you designate; the payments continue to the end of the stated guaranteed period—usually between 10 to 20 years (measured from when you started receiving the annuity payments). Moreover, annuity benefits that pass to beneficiaries don’t go through probate and aren’t governed by your will.
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