What does it mean to have a beneficiary for my annuity payments?

First, the most simplistic answer to this question is, if you die and there is a beneficiary listed on the release and settlement agreement and annuity contract then your payments would be transferred to them.

A release and settlement agreement will state:

Beneficiary: Any payments to be made after the death of the Payee pursuant to the terms of this Settlement Agreement shall be made to such person or entity as shall be designated in writing by Plantiff to the Insurer or the Insurer’s Assignee. If no person or entity is so designated by Plaintiff, or if the person designated is not living at the time of the Payee’s death, such payments shall be made to the estate of the Payee.
If you receive a structured settlement or annuity it is always beneficial to have a beneficiary so you know that your loved ones have a little bit of income coming in if worse case scenario something happens to you.

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