The annuity will allow for many beneficiary designation(s) of varying or similar proportions.
The annuity owner is free to specify any number of primary and contingent beneficiaries, and he can add, remove or otherwise change those designations at any time.
Primary beneficiaries are the annuity owner's first choice for who should receive any remaining money in the account after he dies. Annuity owners must specify at least one primary beneficiary, although no limit exists on the number of beneficiaries that can be chosen.
Contingent beneficiaries are the annuity owner's choices for who should receive the money if the primary beneficiary dies or does not accept the money.There are no restrictions or limitations regarding the number of contingent beneficiaries an annuity owner may specify, or how the money should be divided among them.
Annuity owner can list any beneficiary as "per stirpes." Adding the per stirpes designation ensures that money intended for a beneficiary will still benefit his family even if he dies before actually receiving the inheritance.
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