- 1). Find a reputable insurance company that enjoys high financial ratings by firms such as Standard & Poor's. Consult with your financial adviser or bank representative for recommendations. Financial advisers can also help you compare annuity features and expenses.
- 2). Fill out the annuity application form. Provide personal information such as your name, address and Social Security number. If you want to name someone other than yourself as the annuitant, such as your spouse or a child, make sure to provide the annuitant's personal information in the appropriate section on the form. A reason for naming someone else as an annuitant would include providing a guaranteed income for a special-needs son or daughter.
- 3). Name a beneficiary to receive the remaining benefits upon the death of the annuitant. You can name as many beneficiaries as you want, designating a percentage of the proceeds to each beneficiary. If you name your estate, the annuity contract will need to pass through probate upon your death.
- 4). Fund your annuity. Write a check to the annuity insurance company for your initial deposit amount. If you want to make regular contributions, you can establish a systematic purchase plan to withdraw funds automatically from your checking account.
