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.
Indiana Request for Change of Beneficiary of Annuity is a legal document used in the state of Indiana to request a change in the designated beneficiary of an annuity. This form is essential when individuals wish to update or modify the recipients of their annuity benefits. The primary purpose of the Indiana Request for Change of Beneficiary of Annuity is to ensure that the annuity proceeds are distributed according to the annuity holder's wishes after their passing. By filling out this form, annuity holders can select new beneficiaries or make amendments to their existing beneficiary designations. When completing the Indiana Request for Change of Beneficiary of Annuity, individuals must provide accurate details such as their name, policy number, and updated beneficiary information. The form typically requires the beneficiary's full name, relationship to the annuity holder, social security number, and contact information. It is crucial to note that there might be various types or versions of the Indiana Request for Change of Beneficiary of Annuity form. Some examples of different variations could include: 1. Individual Annuity Request for Change of Beneficiary: This form is used when an annuity is owned by an individual and the beneficiary change involves a single annuitant. 2. Joint Annuity Request for Change of Beneficiary: In cases where the annuity is jointly owned by multiple individuals, a joint annuity request for change of beneficiary form is utilized. This allows for modifications to both primary and secondary beneficiaries. 3. Employer-Sponsored Retirement Plan Request for Change of Beneficiary: This specific form is designed for annuities held within an employer-sponsored retirement plan, such as a 401(k) or pension. It facilitates the selection or alteration of beneficiaries and ensures regulatory compliance. Completing the Indiana Request for Change of Beneficiary of Annuity form signifies an annuity holder's intent to update their beneficiary designations. It is recommended to consult with an attorney or a financial advisor while completing this document to ensure accuracy and adherence to the specific requirements outlined by the annuity provider. Ultimately, the Indiana Request for Change of Beneficiary of Annuity serves as a crucial legal instrument that allows annuity holders in Indiana to control the distribution of their assets after their death by specifying who will receive the annuity benefits.Indiana Request for Change of Beneficiary of Annuity is a legal document used in the state of Indiana to request a change in the designated beneficiary of an annuity. This form is essential when individuals wish to update or modify the recipients of their annuity benefits. The primary purpose of the Indiana Request for Change of Beneficiary of Annuity is to ensure that the annuity proceeds are distributed according to the annuity holder's wishes after their passing. By filling out this form, annuity holders can select new beneficiaries or make amendments to their existing beneficiary designations. When completing the Indiana Request for Change of Beneficiary of Annuity, individuals must provide accurate details such as their name, policy number, and updated beneficiary information. The form typically requires the beneficiary's full name, relationship to the annuity holder, social security number, and contact information. It is crucial to note that there might be various types or versions of the Indiana Request for Change of Beneficiary of Annuity form. Some examples of different variations could include: 1. Individual Annuity Request for Change of Beneficiary: This form is used when an annuity is owned by an individual and the beneficiary change involves a single annuitant. 2. Joint Annuity Request for Change of Beneficiary: In cases where the annuity is jointly owned by multiple individuals, a joint annuity request for change of beneficiary form is utilized. This allows for modifications to both primary and secondary beneficiaries. 3. Employer-Sponsored Retirement Plan Request for Change of Beneficiary: This specific form is designed for annuities held within an employer-sponsored retirement plan, such as a 401(k) or pension. It facilitates the selection or alteration of beneficiaries and ensures regulatory compliance. Completing the Indiana Request for Change of Beneficiary of Annuity form signifies an annuity holder's intent to update their beneficiary designations. It is recommended to consult with an attorney or a financial advisor while completing this document to ensure accuracy and adherence to the specific requirements outlined by the annuity provider. Ultimately, the Indiana Request for Change of Beneficiary of Annuity serves as a crucial legal instrument that allows annuity holders in Indiana to control the distribution of their assets after their death by specifying who will receive the annuity benefits.
