Welcome to InsuranceForums.info!   


Sponsor Links

Affordable Pet Insurance
Travel Insurance Comparison

Life Insurance With Annuity?

Term Life Insurance & Whole Life Insurance Discussion

Life Insurance With Annuity?

Postby Putnam » Sun Oct 08, 2017 12:28 pm

my grandparents have passed away and left an insurance policy for my mother the policy is to be paid over 5 years in an annuity. if she takes the lump sum from it she will only receive about a quarter of the money maybe a little more which would be a mega loss. My question is can she transfer the policy to one of her children to receive the annuity? she can't receive the money due to the fact she will lose her medical and she wont be able to afford her medical with the money that the annuity would pay and she would not Receiver her disability check she is handicap so receiving the annuity wouldn't be to her benefit. so is there a way since they are passed away and the money is left to her for her to sign the money over to one of her children to receive the death benefit in the annuity the way that my grandparents have it set up. please help me out with this. I don't want her to call the insurance company without us having an idea of what we can do with the money we don't want her to sign anything that would turn the money over to the state.
Posts: 64
Joined: Tue Mar 11, 2014 6:22 pm

Life Insurance With Annuity?

Postby Drew » Sun Oct 08, 2017 3:39 pm

Okay, I will admit that I did not read your whole post here because it is a little long but I would look into a 1035 exchange if the annuity is still in place or talk with your accountant.
Do not try to do this on your own, especially if you are not well versed in it.
Seek out a professional and go from there.
They may be able to help you with tax deferred advantages to help you keep even more of the money.
Good luck.
Posts: 55
Joined: Fri Jan 31, 2014 1:13 pm

Life Insurance With Annuity?

Postby margit » Tue Oct 10, 2017 12:44 am

she doesnt want the money for the guy who answered the question about medical fraud her husband died and she lives off of 700 a month and the annuity would be over the limit for foodstamps and medical she cant even get foodstamps at this time cuz she has 2 cars in her name due to her husband passing away she cant work she has cancer and one leg she needs her medical with the annuity she couldnt afford medical and her bills so she doesnt want the monthly money she wants to give it to her children split in four ways she is not trying to fraud anyone but the women with 6 kids can get medical and 1000 a month in food stamps and cash assistance hud or section 8 and they are able to work and that isnt fraud. she just wants to live her life like she has been and this money could mess things up for her and without medical she couldnt recieve the treatments she needs for cancer so that is why she wants to transfer the money. like really
Posts: 472
Joined: Fri Apr 01, 2011 7:18 am

Life Insurance With Annuity?

Postby fergusson61 » Thu Oct 12, 2017 3:21 am

You call the insurance company and ask.
They don't turn the money over to the state.
That's not their job.
But, it doesn't sound like you understand how it works.
I don't know of a method that removes 75% of it's value.
Posts: 472
Joined: Fri Apr 01, 2011 10:10 am

Return to Life Insurance


  • Related topics
    Last post