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Misunderstanding #3 - "When I die the annuity company keeps my money!!"

8/18/2020

 
Annuity Truth - the short answer to this Annuity Misunderstanding is:

"The annuity company only keeps the money if you let them..." 

Here's what I mean:
  • 99.5% of my clients receive their guaranteed lifetime income payments by using an Income Rider.  Then, whenever the client or the client & spouse die, 100% of the balance in their Retirement Account goes to their heirs outside of probate - the annuity carrier does NOT keep the money 
  • For the other 0.5% of my clients who are receiving their lifetime income payments, they decided not to use an Income Rider, and they specifically chose to receive their payments as "Single Life" or "Joint Life"  annuitizations, similar to the payouts from their pensions or Social Security.  They had specific reasons to receive their payments as "Single Life" or "Joint Life" payments.
  • And, let's not forget people who die when their annuities are simply earning deferred interest, i.e. they're NOT receiving a lifetime income from their annuities - they're simply using an annuity to safely grow their money tax-deferred.        
         When those people pass on, 100% of the money in the deferred annuity passes to                 their heirs outside of probate.

So...  the only way in which your money remains with the annuity company when you die is if you agree to it when you complete the annuity application by specifically stating that you wish to "annuitize" your contract with a "Life Only" or "Joint Life" option, and then you agree a 2nd time when the annuity contract is delivered, and you're able to review the contract during a 2 week "free look" period.

And, even if a client chooses to "annuitize" the contract with the "Life Only" or "Joint Life" option, the money can still be set up so that any remaining money goes to the heirs with a "Life with Period Certain" or "Life with Cash Refund" option.

So, for the 99.5% of my clients who did not "annuitize" their annuities, their heirs will receive the balance of their Retirement Accounts when they pass on - the annuity company will not keep the money.


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  • Home
  • VIDEOS
    • Retirement Planning >
      • Annuity Explanation
      • Home Equity Transfer
      • Monetary Devaluation
      • Pension Maximization
      • Retirement Income Risk
      • Retirement Insurance
      • Retirement Questions
      • Retirement Savings Risk
      • Retirement Tax Strategy
      • Reverse Mortgage (HECM)
      • Roth Conversion
      • Safe Money Contracts
      • Social Security
      • Tax Free Retirement
      • Taxes, Risk & Fees
    • Fixed Annuities >
      • Annuity Buckets
      • Annuity Exchange
      • Annuity Laddering
      • CD to Annuity
      • FIA Credit Rate Explanation
      • FIA Decision Assurance
      • FIA Hedging Explanation
      • FIA Reset Explanation
      • Guaranteed Income Rider
      • IRA Annuity
      • Income Annuity (SPIA)
      • Indexed Annuity
      • LTC Annuity
      • Longevity Annuity
      • Multi Year Guarantee Annuity (MYGA)
      • QLAC Annuity
      • Split Annuity
      • TSP Annuity
    • Estate Planning >
      • CRT / ART
      • Cash Reserve Asset Class
      • Estate Life Insurance
      • Estate Planning
      • Estate Tax Insurance Trust
      • Estate Taxation
      • Final Expense
      • LTC Life
      • Life Settlement
      • Living Trust
      • Planned Giving
      • RMD Conversion
      • Single Premium Life
      • Special Needs Trust
      • Split Dollar Family Banking
    • Life Insurance >
      • Cash Value Life Insurance
      • Child Savings Bank
      • College Funding
      • Family Life Insurance
      • IUL Credit Rate Explanation
      • IUL Decision Assurance
      • IUL Hedging Explanation
      • IUL Reset Explanation
      • IUL Retirement Plan
      • Index UL
      • Life Insurance Calculation
      • Lifetime Tax Strategy
      • Living Benefits
      • Mortgage Life Insurance
      • Private Equity Banking
      • Term/UL Conversion
      • WL Retirement Plan
      • Whole Life Dividends
  • Create A "Private Pension"
  • The Annuity Truth
  • Blog
  • About
  • Contact