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.
Maine Request for Change of Beneficiary of Annuity is a legal document used in the state of Maine to initiate the process of changing the beneficiary of an annuity contract. This document allows the annuity owner to update and specify the individual or entity to receive the benefits or proceeds from the annuity after their death. To accurately complete the Maine Request for Change of Beneficiary of Annuity, certain details and information need to be included. These may include the annuity contract number, the name of the current annuity owner, as well as the name, address, and contact information of the new beneficiary being designated. It is crucial to provide all the accurate and up-to-date information to avoid any complications or disputes in the future. Keywords: Maine, Request for Change of Beneficiary of Annuity, annuity contract, beneficiary, annuity owner, legal document, annuity, proceeds, death, update, individual, entity, details, information, annuity contract number, new beneficiary, designation, accurate, up-to-date, complications, disputes. Different types of Maine Request for Change of Beneficiary of Annuity can be based on specific annuity products or providers. For example: 1. Maine Request for Change of Beneficiary of Fixed Annuity: This type of request form is used for annuities that offer a fixed rate of return regardless of market fluctuations. It can be used to change the beneficiary designation on a fixed annuity policy. 2. Maine Request for Change of Beneficiary of Variable Annuity: This form is specifically designed for annuities that allow the policyholder to invest in various investment options, such as stocks, bonds, or mutual funds. It enables the annuity owner to update the beneficiary designation for a variable annuity contract. 3. Maine Request for Change of Beneficiary of Indexed Annuity: This type of annuity is linked to a specified market index, and the returns are based on the performance of that index. A separate request form may be needed to change the beneficiary for an indexed annuity. By using the appropriate Maine Request for Change of Beneficiary of Annuity form, annuity owners can ensure that their wishes regarding the distribution of their annuity proceeds are legally and accurately reflected. It is recommended to consult with a qualified professional or legal advisor before executing any changes to beneficiaries on annuity contracts.
