Intelligent Wikipedia

To use an analogy, in a life insurance policy, the beneficiary has no "status" until the death of the named insured. In an annuity, the beneficiary has no "status" until the death of the annuitant. Similarly, the beneficiary of an annuity has no control of the policy and has no say in the management of the policy. The annuitant benefits from an annuity only when the annuitant dies.

The beneficiary can be either an individual, or a trust, corporation or partnership. There does not have to be any relationship between the beneficiary and the annuitant - indeed, they could conceivably be (but highly unlikely) total strangers. The application form used for an annuity allows the owner to state multiple beneficiaries, and to designate the percentage of each beneficiary if so desired.

Frequently, one spouse would be the owner of the contract, and the other spouse would be the beneficiary. With some companies, co-ownership is allowed, thereby allowing both spouses to be owners. They can be quite valuable in case the annuitant dies as the annuity proceeds would not go to a beneficiary as long as one of the spouses was still alive.

Generally, a single person (or widow or widower) will designate themselves as the owner of the contract and also the annuitant, naming another party as the beneficiary (such as a church, charity, etc.). By doing this, the person has complete control over the investment during their lifetime, and upon their death, the annuity proceeds will automatically pass to the intended heir.

Since the owner of the contract can change the beneficiary at any time, they do not need to notify a listed beneficiary that they have been so designated, or indeed, even tell them if they are removed as beneficiary. Regulations are rather detailed as to who can purchase an annuity and for whose benefit, keeping in mind the contract law that a contract entered into by a minor can be voided by such minor.

California regulations state that (a) a minor under age 18 may enter into a valid contract for life or disability insurance, or annuities, (b) those under age 16 can purchase life or disability insurance or annuities with the written consent of their parent or guardian. In respect to benefits, a minor under the age of 18 may give valid instructions as to any money that has accrued or payable under the terms of the contract, but only with the written consent of a parent or guardian. The regulations also state that any contract that is made by a minor under age 18 that can result in the personal liability for assessment, may only be issued with the written assumption of such liability by a parent or guardian. 12B

In actual practice, annuities are generally issued with maximum ages of 85 and annuitization at age 90 or 95, with some offering maximum annuitization age of 100. Age 85 is also often used for both purposes as that is the law in Pennsylvania. For non-qualified products the youngest issue age is usually -0-, but the minimum age usually is only mentioned for Equity Index Annuities.41,46,49.

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