Can a beneficiary be added to an annuity?

Beneficiaries can indeed be added to an annuity, allowing for the transfer of benefits upon the death of the annuitant. This feature is a key component of many annuity contracts. By designating a beneficiary, the owner ensures that any remaining value in the annuity will be passed on to the specified individual or entity after the owner's death. This can provide financial security to loved ones and is particularly important in estate planning.

The option indicating that this can be done is correct because many annuity products are built with the provision for beneficiaries, which can be assigned at the outset or changed later based on the owner's wishes and contractual terms. It’s also worth noting that specifics may vary by Annuity product and insurer, but the capability to add or designate a beneficiary is a standard feature in most cases.