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The payout option you choose will determine what happens to the remaining funds in your annuity after you pass away. You may be able to name a beneficiary to your contract, at an additional cost.
Annuity death benefits. An annuity’s death benefit guarantees a payout to a designated beneficiary after the owner passes away. However, the specifics of this benefit can vary depending on the ...
A straight life annuity is a form of annuity that makes payments for a single person's life. It does not pay a death benefit, nor does it pay spousal benefits. The annuity payments end when the ...
Annuity with a Guarantee Period: If the annuity was set with a guaranteed period (e.g., 10 years), and the purchaser dies four years in, the payments would continue to the designated beneficiary ...
State governments are the primary regulators of annuities. ... and there are limits on how much an association will pay per claim. In most states, the maximum coverage limit is $250,000 ...
LACERA was established on January 1, 1938, following passage of the County Employees Retirement Law of 1937 (CERL), which mandates LACERA to pay for the defined retirement benefits of Los Angeles County employees and their beneficiaries. [1] [3] In 1971, LACERA began administering a retiree healthcare benefits program. [1]
Immediate annuities, for example, are relatively simple and straightforward, but may require a lump sum of $100,000 or more to generate meaningful income in retirement.
Some pension plans offer a hybrid option that combines the benefits of both a lump sum and an annuity. For example, you might choose to take 30 percent of your pension as a lump sum and convert ...