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Variable Annuity comes with several unique features.  Death benefit is indeed one of the features that make the investment option worthwhile. It’s actually a very common feature you’ll always see in a variable annuity investment option.

The Death benefit in Variable Annuity secures your investment even after your departure from the earth.  It gives you the opportunity of adding a beneficiary to receive your investment income and gains when you die. The beneficiary can be your spouse or your child. If you die while still having your   investment in the variable annuity plan, your beneficiary will receive the greater part of all your investment.  All the money in your account will be paid to him or her.  He or she may also receive the guaranteed minimum which includes all the purchase payments minus your prior withdrawals.

Meanwhile some kinds of variable annuities may give you the room to choose a “stepped-up” death benefit option. This feature allows your guaranteed minimum death benefit to be based on a greater amount than the purchase payments minus the withdrawal. The stepped up death benefit is aimed at locking in your investment performance. It’s also aimed at preventing a future decline in the value of your account which may erode the amount you expect to leave to your beneficiary.  In most cases, this stepped-up death benefit attracts some charges as well.

Apart from the death benefit, most variable annuities also have other unique features that may attract extra charges.  For instance, there’s the guaranteed minimum income benefit. This guarantees a particular minimum level of annuity payments even when you don’t have enough money in your investment account. The loss of money may also be as a result of investment losses.

Variable Annuity may also have long-term care insurance feature. This pays for your home health care especially when you become seriously ill.

In any case, you’ll always benefit from the features discussed above when you deal with the right insurance company.  Before you decide to enter into any contract with an insurance company, you have to consider the company’s ability to fulfill the death benefits and other unique features of variable annuities. You may also consider the financial strength of the insurance company since this can affect the company’s ability to pay death benefits and other features.

Again, there may be some charges involved in death benefits and other features. Some insurance companies may deduct some charges from your account. You need to take your time to know more about the insurance company before signing any deal with them.  All over the US, there are many of such companies.  Not all of them can handle variable annuities perfectly. You need to make proper inquiries. You wouldn’t want to lose your hard-earned money just like that by making the wrong investment. You need to be properly guided both in picking an insurance company and also in choosing the best investments options.  You’ll always succeed if you engage a good financial adviser to help you out.