While many people purchase annuities for the tax-deferred growth and the ongoing retirement income that they can provide, there are situations where an annuitant may pass away prior to receiving all of his or her income from the annuity.
In these cases, there may be the option to name a beneficiary on the contract – and depending on who the beneficiary is, they will have certain options in terms of what to do with the remaining funds.
Available Options for the Beneficiary on the Athene Ascent Annuity
Provided that you have the optional Income Rider – which can provide you an income that you can’t outlive, the options that are available to your Athene Ascent annuity beneficiary will differ, based upon whether or not the named beneficiary is your spouse. (You may have more than one named beneficiary on the contract).
Spousal Beneficiary
If your spouse is the sole primary beneficiary, then he or she may elect to continue the annuity contract following your death, if your surviving spouse becomes the sole annuitant and the sole owner of the contract.
In this case, what happens can be dependent on which phase your annuity income rider was in at the time of your death. In this case:
- If the rider is in the accumulation phase at the time of your spouse’s continuation of the annuity, then the rider will continue in the accumulation phase.
- If the rider is in the income phase, either at or prior to the time of spousal continuation, or in the extended guarantee phase, then your surviving spouse may continue the rider only if the maximum lifetime income withdrawal was based, in part, on his or her life. However, if the maximum lifetime income withdrawal was based solely on your life, then the rider will terminate.
Non-Spousal Beneficiary
If someone other than your spouse is the beneficiary of your Athene Ascent annuity contract, then upon your passing, the annuity’s income rider will terminate, and any of the remaining accumulated value of the annuity will be paid out to the beneficiary (or beneficiaries), based on the specific provisions of your base annuity contract.
Still Confused? Have Any Additional Questions or Concerns About the Athene Ascent Annuity Continuation Options?
While the information that can be found regarding the Athene Annuity and its optional income rider – which can include benefits for a named beneficiary – can be helpful to understand how it works, there are times when reading the “fine print” can end up making the product even more confusing – even for well-educated consumers.
So, if you still have any additional questions or concerns about how the Athene Ascent annuity can continue and/or how the remaining funds may be paid out to a named beneficiary, then please feel free to reach out to us directly via our secure contact form here and let us know.
Our annuity team will provide you with unbiased advice and in-depth detail that can help you to feel much more comfortable with either moving forward with this particular annuity or alternatively, moving on to a different product that may work much better for you and your specific needs.
