What happens to my annuity if I pass away?

If the annuity holder passes away, the fate of the annuity depends on the chosen options. In the case of a single life annuity, payments cease upon the annuitant's death. However, if a joint and survivor option was selected, the surviving beneficiary can continue receiving payments until their death. Alternatively, some annuities offer a return of premium death benefit, meaning that if the annuity holder dies before the payout period, the beneficiary receives the remaining balance or the total purchase payments. It's crucial to review the terms and conditions of the annuity contract to understand the specific provisions regarding death benefits. Additionally, Prudential recommends seeking advice from a financial professional to explore available options and determine the most suitable course of action.