How to Name a Grandchild as a Joint Annuitant

Joint-life annuities can help you tell your grandchild "I love you."

grandmother and grandchild face to face image by Ramona smiers from

Naming a grandchild as a joint annuitant on an annuity is an increasingly popular way to leave a legacy behind. By naming a grandchild as a joint annuitant on a lifetime income annuity, a grandparent can literally arrange to leave the young person a holiday or birthday present every year for as long as the younger person lives. It's an insurance company's way of helping you tell your grandchild "I love you" year after year.

Step 1

Meet with a life insurance agent. Only life insurance agents can sell annuities. If you already have an annuity and you want to add your grandchild as a joint annuitant, contact your agent or carrier.

Step 2

Name your grandchild on the annuity contract application or change request form as a joint annuitant. You will need to provide the child's age and possibly gender if the insurance company uses separate mortality tables to calculate life expectancy for men and women.

Step 3

Return the filled-out contract application or change request form to your insurance agent or carrier.

Step 4

Inspect your updated or amended contract. Your insurance company will provide you with the effective contract, which should have your grandchild listed as a joint annuitant. Do not sign that you have accepted the contract unless the document correctly names your intended co-annuitant.