Does A Fixed Annuity Have A Death Benefit? 
Annuities MAY pay out to a beneficiary under certain circumstances , but they do not have a `` death benefit '' in the sense that life insurance does . While life insurance is designed to pay a guaranteed benefit to the beneficiary upon the death of the insured , an annuity - fixed or variable - only pay what is remaining according to the structure of the annuity to the beneficiary upon the death of the annuitant . So if the annuity is designated `` Life Certain '' , payments end at the death of the annuitant and there is no beneficiary . If the annuity is designed as a `` Period Certain '' and the annuitant dies before the `` Period '' ends then the beneficiary will receive the remaining payments up to the end of the ` period ' . 