An annuity is a contract between you and an insurance company, under which you make a lump-sum payment or series of payments. In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date. Annuities typically offer tax-deferred growth of earnings and may include a death benefit that will pay your beneficiary a guaranteed minimum amount, such as your total purchase payments.
There are generally two types of annuities -- fixed and variable. In a fixed annuity, the insurance company guarantees that you will earn a minimum rate of interest during the time that your account is growing. The insurance company also guarantees that the periodic payments will be a guaranteed amount per dollar in your account. These periodic payments may last for a definite period, such as 20 years, or an indefinite period, such as your lifetime or the lifetime of you and your spouse.
In a variable annuity, by contrast, you can choose to invest your purchase payments from among a range of different investment options, typically mutual funds. The rate of return on your purchase payments, and the amount of the periodic payments you will eventually receive, will vary depending on the performance of the investment options you have selected.
Missouri Request for Change of Beneficiary of Annuity is a legal document used to modify the beneficiary designation of an annuity account in the state of Missouri. This request allows the annuity contract owner to update the beneficiary information on file to ensure that their annuity proceeds are distributed in accordance with their current wishes. It is essential to keep this document up to date to ensure a smooth transition of funds upon the annuitant's death. Keywords: Missouri, Request for Change, Beneficiary, Annuity, legal document, modify, designation, annuity account, contract owner, update beneficiary information, annuity proceeds, distributed, current wishes, smooth transition, funds, annuitant's death. Types of Missouri Request for Change of Beneficiary of Annuity: 1. Individual Annuity Beneficiary Change Request: This type of request is commonly used by individuals who hold individual annuity contracts and wish to change the beneficiary designation of their account. It allows the account owner to add, remove, or update beneficiaries as per their specific requirements. 2. Spousal Annuitant Beneficiary Change Request: In cases where the annuity contract is held jointly with a spouse, this request is used to modify the beneficiary designation. It allows the annuitant and their spouse to request a change in beneficiaries, ensuring that the annuity proceeds pass on to the desired individuals in the event of their deaths. 3. Trust Annuitant Beneficiary Change Request: This type of change request is employed when an annuity contract is held within a trust. It allows the trustee to update the beneficiary information, ensuring that the annuity proceeds are distributed in accordance with the trust's provisions and the granter's wishes. 4. Employee Retirement Annuity Beneficiary Change Request: This request is specific to annuity contracts associated with employer-sponsored retirement plans, such as 401(k) or 403(b) plans. It enables employees to modify their beneficiary designations to ensure that their retirement annuity funds are distributed as intended upon their death. 5. Charitable Organization Beneficiary Change Request: Individuals who wish to designate a charitable organization as the beneficiary of their annuity account can utilize this change request. It allows them to update the beneficiary information to ensure that their charitable goals are met, even after their passing. In any case, when submitting a Missouri Request for Change of Beneficiary of Annuity, it is crucial to follow the instructions provided by the annuity provider and ensure that the document is properly completed, signed, and notarized.Missouri Request for Change of Beneficiary of Annuity is a legal document used to modify the beneficiary designation of an annuity account in the state of Missouri. This request allows the annuity contract owner to update the beneficiary information on file to ensure that their annuity proceeds are distributed in accordance with their current wishes. It is essential to keep this document up to date to ensure a smooth transition of funds upon the annuitant's death. Keywords: Missouri, Request for Change, Beneficiary, Annuity, legal document, modify, designation, annuity account, contract owner, update beneficiary information, annuity proceeds, distributed, current wishes, smooth transition, funds, annuitant's death. Types of Missouri Request for Change of Beneficiary of Annuity: 1. Individual Annuity Beneficiary Change Request: This type of request is commonly used by individuals who hold individual annuity contracts and wish to change the beneficiary designation of their account. It allows the account owner to add, remove, or update beneficiaries as per their specific requirements. 2. Spousal Annuitant Beneficiary Change Request: In cases where the annuity contract is held jointly with a spouse, this request is used to modify the beneficiary designation. It allows the annuitant and their spouse to request a change in beneficiaries, ensuring that the annuity proceeds pass on to the desired individuals in the event of their deaths. 3. Trust Annuitant Beneficiary Change Request: This type of change request is employed when an annuity contract is held within a trust. It allows the trustee to update the beneficiary information, ensuring that the annuity proceeds are distributed in accordance with the trust's provisions and the granter's wishes. 4. Employee Retirement Annuity Beneficiary Change Request: This request is specific to annuity contracts associated with employer-sponsored retirement plans, such as 401(k) or 403(b) plans. It enables employees to modify their beneficiary designations to ensure that their retirement annuity funds are distributed as intended upon their death. 5. Charitable Organization Beneficiary Change Request: Individuals who wish to designate a charitable organization as the beneficiary of their annuity account can utilize this change request. It allows them to update the beneficiary information to ensure that their charitable goals are met, even after their passing. In any case, when submitting a Missouri Request for Change of Beneficiary of Annuity, it is crucial to follow the instructions provided by the annuity provider and ensure that the document is properly completed, signed, and notarized.
