Does An Annuity Have A Beneficiary? 
Yes , an annuity usually has a beneficiary . Generally , if the policy has not yet been annuitized and the annuity owner -LRB- s -RRB- is deceased , the beneficiary will receive the annuity and can choose to keep it , cash it in , or annuitize it . There may also be a death benefit that is paid to the beneficiary at this time . If annuity payments have already been started being paid , then the beneficiary can continue receiving those . If the annuity was a life income annuity there might not be any payments made to the beneficiary unless some guarantees were built into the contract . 