Can Annuities Have Beneficiaries? 
Yes , annuities can have beneficiaries , and most do . They are similar to the beneficiaries on a life insurance policy in that the value of the annuity goes to the beneficiary without passing through probate . If the annuity has already been annuitized , the remaining annuity payments will be made to the beneficiary . Life income annuities payments do end with the death of the annuitant , unless they are life income with term certain , or provide a cash refund if the amount put in to the annuity has not yet been paid out . 