Annuity basics?

Posted on December 29th, 2008 in Annuity Insurance

Jeff H asked:

My Dad died in July. I now find that he had a few annuity policies. Most insurance that I have seen have a declairation page. These do not have such a page. Is this normal?
The insurance companies are well rated companies.

Is it possible that he bought these and failed to select a payout option?

Please feel free to add any comments on what I need to find in the policies themselves.

Which payout rate or plan is usually best?

The money from these policies will go to my Mom. I do not want a dime from them unless she passes on before we get the insurance co to pay her.

Tags: Mom, Payout Rate

This post has 3 comments

jj d
December 30th, 2008
If he is deseased, your mother will get a lump sum for the annuities. She can then reinvest in annuities, mutual funds, etc, or keep the cash. Sorry about your father.
ed m
January 2nd, 2009
if someone notified the insureance company that your dad passed away your mother should be getting a check shortly!!!..
NunyaBidNess_Part_Deux
January 4th, 2009
The executor of your father’s estate needs to present a copy of his death certificate to these companies, they will either then A) pay a lump sum or B) begin paying out the annuity to whomever he listed as a beneficiary of the annuity.

A bit of advice to you… those things are amongst the biggest ripoffs when it comes to return on investment. Were I you, and at your age, I would NEVER buy them.. nor would I buy WHOLE or UNIVERSAL life insurance…