Now, more than ever, Americans are responsible for accumulating their own retirement savings. Annuities are a popular choice during the planning process because they can provide retirement income that lasts a lifetime. In addition, many annuities offer flexible payout options such as paying during a pre-determined period of time, or over the lives of a couple or an individual. Annuities provide tax-deferred accumulation with the option of receiving a lump sum or fixed periodic premiums beginning on a certain date.
Locate an annuity contract
Sometimes annuity contract policyholders forget to tell beneficiaries about their policies. If you think you are a named beneficiary on a deceased loved one’s annuity contract, the National Association of Insurance Commissioners (NAIC) can help. Use the NAIC life insurance policy locator to start the process.
Once requested, the NAIC will:
· Ask participating companies to search their records
· Ask those companies to reach out to you. But, you must be the designated beneficiary or authorized to receive information.
Visit the NAIC’s list of Frequently Asked Questions if you have any other questions.
There are several different annuity types to choose from: