Does A Fixed Annuity Have A Death Benefit? 
During the accumulation phase all annuities provide a death benefit to the designated beneficiary . This is why it is very important to keep the beneficiary designations up to date . Once the annuity has started paying a monthly benefit there could be benefits to a second party depending upon the option selected by the owner . For example , many select a joint benefit with their spouse . In those cases the annuity would pay the full amount until the death of the first spouse and an adjusted amount during the balance of the life of the second spouse . 