My wife and I administer her 95 year old father's finances which includes many annuities. He recently received a notice from Mass Mutual that his QLAC Individual Deferred Fixed Income Annuity, which he is already taking RMDs from, will additionally start receiving an annuity payout after June and to pick the best option to receive the payout. My FIL wishes are to pass on the money to his 6 children but as we were reviewing the contract we are struggling to understand the death benefit.
The question we have is with this statement, " the death occurs before the Annuity Commencement Date and before this Contract is fully surrendered;
The Annuity Commencement Date was April of 2020 but the contract has not been surrendered so both conditions haven't been met but I would really like help confirming this.
We plan on contacting the Company soon but would like to have a better idea before calling so we know how quickly we need to proceed with the payout.
Thank you,
The question we have is with this statement, " the death occurs before the Annuity Commencement Date and before this Contract is fully surrendered;
The Annuity Commencement Date was April of 2020 but the contract has not been surrendered so both conditions haven't been met but I would really like help confirming this.
We plan on contacting the Company soon but would like to have a better idea before calling so we know how quickly we need to proceed with the payout.
Thank you,
Statistics: Posted by Crossplane — Sun Jan 07, 2024 2:39 pm — Replies 0 — Views 47