Who are the parties to an annuity?
A. The parties to an annuity contract are the insurance company, owner, annuitant and beneficiary(ies). Annuities are issued by insurance companies. The owner is usually the person who buys the annuity from the insurance company and makes any contributions. The owner names the annuitant the person who will receive money from the annuity during the payout phase. The annuitant and owner are usually the same person, but do not have to be. The owner also names a beneficiary(ies), who receives any benefits payable upon the death of the contract owner. (Some contracts pay a death benefit upon the death of the annuitant prior to annuitzation. It is important to check your specific contract.
