3.6.4.2 Death Benefit
If the annuitant dies during the accumulation period, before the insurance company has begun payments, a beneficiary will receive the payments. This is called a death benefit. The payment the beneficiary receives will equal the total amount invested and any additional earnings from the annuity. If the annuity lost money, the beneficiary will receive the total invested money. The beneficiary is responsible for paying income taxes on the earning