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.
Connecticut Request for Change of Beneficiary of Annuity allows an annuity holder in Connecticut to make alterations or updates to the designated beneficiary of their annuity policy. This legal document provides a structured format for individuals looking to modify the beneficiary information and ensure the annuity proceeds are directed as desired upon their passing. Keywords: Connecticut, Request for Change, Beneficiary, Annuity Types of Connecticut Request for Change of Beneficiary of Annuity: 1. Traditional Annuity Beneficiary Change Request: This type of request form is commonly used by annuity policyholders in Connecticut who possess a traditional annuity product and wish to modify the beneficiary designation. 2. IRA Annuity Beneficiary Change Request: Specifically designed for annuity holders with an Individual Retirement Account (IRA) annuity in Connecticut, this form allows a change in beneficiary designation for the annuity connected to the IRA. 3. Joint Annuity Beneficiary Change Request: Individuals who hold a joint annuity policy in Connecticut can utilize this form to make changes to the beneficiary designation, ensuring the annuity proceeds are directed accordingly after the demise of the primary annuitant. 4. Qualified Annuity Beneficiary Change Request: This request form caters to annuity holders in Connecticut who possess a qualified annuity, such as those funded by assets from a qualified retirement plan, and seek to alter the beneficiary information. 5. Survivorship Annuity Beneficiary Change Request: Individuals in Connecticut who own a survivorship annuity, wherein the annuity benefits are paid out to the secondary beneficiary after the passing of both annuitants, may use this form to update the beneficiary designation. In completing any of the above Connecticut Request for Change of Beneficiary of Annuity forms, it is essential to provide accurate details regarding the annuity policy, current beneficiary information, and the intended new beneficiary's details. The form must be signed and dated by the annuity holder and submitted to the appropriate insurance company or financial institution for processing. Note: It is recommended to consult with a legal or financial advisor when considering or executing any changes to annuity beneficiary designations to ensure compliance with Connecticut laws and regulations.
