Life insurance products

Annuity Proceeds Paid to Contingent Beneficiary When Primary Beneficiary Died Too Soon

Topics: Annuities, Life insurance products

The primary beneficiary of an annuity contract died two days after the annuity owner passed away. The annuity contract provided that, under these circumstances, the proceeds would be paid to the primary beneficiary’s estate. The contingent beneficiaries argued that under the Oregon simultaneous death statute, the proceeds should be payable to them instead.

Treasury Issues Final Regulations to Facilitate Use of Longevity Annuity Contracts within Retirement Accounts

Topics: 457b, Annuities, IRAs, Life insurance products, Qualified Plans, Retirement security, Tax treatment

In announcing the release of final regulations (“final regulations”) which are intended to increase the attractiveness and practicality of utilizing a particular type of deferred annuity—called a QLAC (“qualifying longevity annuity contract”)—within retirement accounts to avoid exhausting retirement savings, Mark Iwry, the Treasury’s deputy assistant secretary for retirement and health policy stressed: As boomers approach…