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.
A Michigan Request for Change of Beneficiary of Annuity is a legal document used to update the designated beneficiary of an annuity contract in the state of Michigan. This document allows the annuity holder to name a new beneficiary or modify the existing beneficiary designation. Keywords: Michigan, Request for Change of Beneficiary, Annuity, legal document, designated beneficiary, annuity contract, modify, beneficiary designation. Different types of Michigan Request for Change of Beneficiary of Annuity forms may vary based on the specific annuity provider or policy. Some common variations of this form may include: 1. Individual Annuity Request for Change of Beneficiary: This type of form is meant for individuals who hold annuity contracts on their own. It allows the annuity owner to update the beneficiary designation according to their preferences. 2. Joint Annuity Request for Change of Beneficiary: A joint annuity involves multiple annuitants, typically spouses or partners. This form enables either or both annuitants to make changes to the beneficiary designation. 3. Survivorship Annuity Request for Change of Beneficiary: Survivorship annuities are designed to provide income to a surviving beneficiary after the death of the primary annuitant. This specialized form allows the owner to modify the survivorship beneficiary designation. 4. Period Certain Annuity Request for Change of Beneficiary: Period certain annuities guarantee a specific payout period, regardless of the annuitant's lifespan. This form permits the annuity holder to update the beneficiary designation for the remaining payout period. When completing the Michigan Request for Change of Beneficiary of Annuity, it is important to provide accurate and up-to-date information. The form typically requires personal details of the annuity holder, such as their full name, contact information, and annuity contract number. The new beneficiary's full name, relationship to the annuity holder, and contact information must also be provided. It is recommended to review the form carefully, ensuring all required fields are completed accurately. Once the Michigan Request for Change of Beneficiary of Annuity form is completed, it must be signed and dated by the annuity holder. Some annuity providers may require additional steps, such as obtaining witnesses or notarization, to validate the change. It is essential to follow the instructions provided by the specific annuity provider to ensure the request is processed correctly. It is crucial to keep a copy of the completed form for personal records and to notify the new beneficiary about the change. Regularly reviewing and updating beneficiary designations can help ensure that the annuity's proceeds are distributed according to the annuitant's wishes and any changes in personal circumstances.
