10-31-2007, 01:35 PM
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#1 |
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Greenhorn
Join Date: Jul 2006
Posts: 26
Rep Power: 6  |
Annuity basics?
My Dad died in July. I now find that he had a few annuity policies. Most insurance that I have seen have a declairation page. These do not have such a page. Is this normal?<br />The insurance companies are well rated companies.<br /><br />Is it possible that he bought these and failed to select a payout option?<br /><br />Please feel free to add any comments on what I need to find in the policies themselves.<br /><br />Which payout rate or plan is usually best?<br /><br />The money from these policies will go to my Mom. I do not want a dime from them unless she passes on before we get the insurance co to pay her.<br />
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10-31-2007, 01:35 PM
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#2 |
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Greenhorn
Join Date: Jul 2006
Posts: 17
Rep Power: 0 |
Annuity basics?
If he is deseased, your mother will get a lump sum for the annuities. She can then reinvest in annuities, mutual funds, etc, or keep the cash. Sorry about your father.
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10-31-2007, 01:35 PM
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#3 |
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Piggy Bank
Join Date: Jul 2006
Posts: 51
Rep Power: 6 |
Annuity basics?
if someone notified the insureance company that your dad passed away your mother should be getting a check shortly!!!..
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10-31-2007, 01:35 PM
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#4 |
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Greenhorn
Join Date: Jul 2006
Posts: 18
Rep Power: 0 |
Annuity basics?
The executor of your father's estate needs to present a copy of his death certificate to these companies, they will either then A) pay a lump sum or B) begin paying out the annuity to whomever he listed as a beneficiary of the annuity.
A bit of advice to you... those things are amongst the biggest ripoffs when it comes to return on investment. Were I you, and at your age, I would NEVER buy them.. nor would I buy WHOLE or UNIVERSAL life insurance... |
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