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SPOUSAL ANNUITY CLAIMANT'S STATEMENT The following Transamerica Companies utilize this form: Monumental Life Insurance Company Western Reserve Life Assurance Co. of Ohio Transamerica Life Insurance.

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On the death of an annuitant, a joint life annuity will continue to be paid to the survivor for the rest of the survivor's lifetime – and the survivor doesn't need to be a dependant. However, the annuity provider may restrict this, say to a named beneficiary.

When an annuity contract transfers from one individual to another, the transferred amount is treated as a distribution. The original owner is taxed on any tax-deferred gain and possibly subject to a 10% penalty. But this doesn't usually apply when annuity contracts transfer between spouses or former spouses.

If the contract holder dies before they have started receiving payments from their annuity, the beneficiary will receive a lump-sum payment. If the contract holder dies after receiving payments (annuity start date), the beneficiary will generally continue receiving those payments or nothing.

Key Takeaways. A joint and survivor annuity is an insurance product designed for couples that continues to make regular payments as long as one spouse lives. A joint and survivor annuity has the advantage of providing income if one or both people live longer than expected.

Joint life annuities A Joint Life annuity will pay you an income for the rest of your life. It will then go on to pay an income to your spouse, civil partner, or chosen beneficiary for the rest of their life after you die.

If you set the annuity up on a joint life basis, your beneficiary will continue to receive a proportion of the income you were receiving. Be aware that if you opted for a single life annuity, the payments would stop when you die.

If the annuity is structured as a joint life annuity, it guarantees payments for both the lifetime of the annuitant and that person's spouse. Upon one spouse's death, the survivor will continue to receive payments for life.

If the beneficiary is the spouse of the annuitant, the spouse can change the contract into his or her own name. After a change in ownership, the contract continues as if the surviving spouse owned the original contract. It maintains its tax-deferred status, meaning the beneficiary owes no immediate taxes.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232