So you have experience a passing in the family. It is necessary and appropriate to grieve for your loss. After all the person made an impact on your life in some manner. After the initial shock and the initial grieving period is over, the reality of life will be thrust back into your world. There are many, items on your list, that have to be taken care of such as dealing with the estate of your departed. One of those items may be what to do with the annuity your loved one had coming to them, before they passed away. What do you do if you were named the annuity beneficiary?
What Do I Do Now if I am the Annuity Beneficiary?
After sifting through the documents, you run across an annuity policy. The policy may come from one of the larger providers such as Genworth, Allstate, Prudential, Metlife or from any one of another 100 providers out there in the market. After reviewing the document, you find that you are named as the beneficiary of the payments. Now What??? There is a lot of good news in this situation that we will review and then discuss your options going forward. First, your loved one cared very much for you that they named you the beneficiary of the annuity policy in the chance that they passed before receiving all the payments. So, the question remains what are you to receive as the annuity beneficiary? Determining the annuity payments you are due as the beneficiary can be relatively easy assuming no changes have been made, affecting the policy, since it was produced.
What Changes, Affecting the Annuity Policy, Should I Check?
What do I mean by changes to the annuity policy? Well, there are a few changes that could have been made since the annuity policy went into place. First, the beneficiary could have been changed. Each annuity company has a process for changing the annuity beneficiary during the life of the annuity. Life situations change and therefore the annuity company gives the one receiving the payments the opportunity to changed the annuity beneficiary to reflect these changes.
Second, the payments from the annuity may have been sold to a third-party. There is a structured settlement statute, in most states, that sets forth the ability to sell annuity payments. Your loved one may have sold the payments assuming certain conditions were met by them and purchaser of the annuity payments. In this case, you were the original beneficiary, however you may not still be the annuity beneficiary. How do you know if you are still the beneficiary or if you are generally still due money from the annuity?
How do I Know if I am Still Due Payments as the Annuity Beneficiary?
As mentioned earlier, insurance or annuity companies have a process in place which allows you to not only verify this information, but also allows you to make the changes to reflect you as the new annuity beneficiary of the payments. You should contact the structured settlement or annuity department of the annuity company and ask them to tell you the process for verification of the passing of the annuitant, verification of the current beneficiary and the process to have the payment directed to you going forward. Below is a list, with link to the structured settlement or annuity department to help you on your search.
If your annuity company is not shown here, all you will need to do is contact the phone number listed on annuity policy or search the internet for the structured settlement or annuity department for annuity company.
Can I Sell These Payments Now That I am the Annuity Beneficiary?
Yes, you can sell the payments after you have determined you are the annuity beneficiary. The process is very easy with Mainstreet Funding. We can get you the money now instead of having to wait for the payments to come over a long period of time. Contact us today at 1-877-919-8003 or visit us here to request a quote.