Examine the different types of annuities and see if an annuity is the right fit for your retirement portfolio.
Annuities are contracts with written contractual provisions which include benefits paid to a named beneficiary. In the event of the annuitant (a person) dies, the proceeds from an annuity are passed to the beneficiary. The beneficiary can be a person or persons, a trust or an organization. If the annuity names a beneficiary, the funds are paid without the need of probate.