How many annuity beneficiaries can you have?
The Annuity Man
Eventually, your Learjet is going to hit the mountain. Your Ferrari is going to hit the tree. You are going to die. In fact, you are dying right now. Motivational...I know.
Regardless of the type of annuity, you can list as many beneficiaries as needed on that policy. The good news is that you can change those beneficiaries any time and as often as needed. So if that wayward child makes you mad, then you can take them off as a beneficiary.
Structuring the beneficiaries is important as well. A primary beneficiary is the person(s) who is first in line to get the money. A secondary beneficiary is the person(s) who would get the money if the primary beneficiary died before the policy proceed are paid out. The tertiary beneficiary is the person(s) who would receive the money if something happened to both the primary and secondary beneficiaries.
For example, if the husband owned an annuity...the spouse would be the primary beneficiary. The children would be the secondary beneficiaries, and the grandchildren would be the tertiary (i.e. 3rd in line) beneficiaries.
Just remember the beneficiary listings on an annuity policy are revocable, which means that you can change them at any time and for any reason. You are the owner of the policy, so you can do what you want to do. It's your money!
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