Beneficiary

The person or party that will receive any death benefit payments payable under the annuity contract. These payments can be in the form of a continuation of the annuity payments or a lump sum. Not all annuities will have beneficiaries. If payments cease on the date of the annuitant’s death, there are no remaining payments for the beneficiary. Generally, the beneficiary has no rights unless the beneficiary is named irrevocably.