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.
North Carolina Request for Change of Beneficiary of Annuity is a legal document used to update the designated beneficiary on an existing annuity contract in the state of North Carolina. This form allows the annuity holder to make changes to their beneficiary designation as per their current wishes. In North Carolina, there are several types of Request for Change of Beneficiary of Annuity forms, including: 1. Individual Annuity Request for Change of Beneficiary: This form is used when the annuity holder wants to change the beneficiary designation on an individual annuity contract. 2. Joint Annuity Request for Change of Beneficiary: In the case of joint annuities where two individuals hold the contract, this form is used to modify the beneficiary designation for both parties. 3. Group Annuity Request for Change of Beneficiary: Group annuities offered through employers or other organizations may require a specific form for changing the beneficiary designation. 4. Qualified Annuity Request for Change of Beneficiary: When the annuity contract is considered "qualified" under the Internal Revenue Code, this form is used to update the beneficiary designation. To complete the North Carolina Request for Change of Beneficiary of Annuity form, the annuity holder needs to provide the following information: 1. Personal Information: Full legal name, address, and contact details of the annuity holder. 2. Annuity Contract Details: Provide the annuity contract number, account number, and the name of the insurance company or financial institution that issued the annuity contract. 3. Existing Beneficiary Information: Include the name, relationship to the annuity holder, and contact details of the current beneficiary/beneficiaries. 4. New Beneficiary Information: Provide the full legal name, relationship to the annuity holder, and contact details of the new intended beneficiary/beneficiaries. 5. Signature and Date: The annuity holder must sign and date the form to indicate their authorization for the change of beneficiary. Please note that it is crucial to consult with a financial advisor or legal professional before making any changes to the beneficiary designation of an annuity in North Carolina. The specific requirements and implications may vary based on the individual circumstances and the terms of the annuity contract.North Carolina Request for Change of Beneficiary of Annuity is a legal document used to update the designated beneficiary on an existing annuity contract in the state of North Carolina. This form allows the annuity holder to make changes to their beneficiary designation as per their current wishes. In North Carolina, there are several types of Request for Change of Beneficiary of Annuity forms, including: 1. Individual Annuity Request for Change of Beneficiary: This form is used when the annuity holder wants to change the beneficiary designation on an individual annuity contract. 2. Joint Annuity Request for Change of Beneficiary: In the case of joint annuities where two individuals hold the contract, this form is used to modify the beneficiary designation for both parties. 3. Group Annuity Request for Change of Beneficiary: Group annuities offered through employers or other organizations may require a specific form for changing the beneficiary designation. 4. Qualified Annuity Request for Change of Beneficiary: When the annuity contract is considered "qualified" under the Internal Revenue Code, this form is used to update the beneficiary designation. To complete the North Carolina Request for Change of Beneficiary of Annuity form, the annuity holder needs to provide the following information: 1. Personal Information: Full legal name, address, and contact details of the annuity holder. 2. Annuity Contract Details: Provide the annuity contract number, account number, and the name of the insurance company or financial institution that issued the annuity contract. 3. Existing Beneficiary Information: Include the name, relationship to the annuity holder, and contact details of the current beneficiary/beneficiaries. 4. New Beneficiary Information: Provide the full legal name, relationship to the annuity holder, and contact details of the new intended beneficiary/beneficiaries. 5. Signature and Date: The annuity holder must sign and date the form to indicate their authorization for the change of beneficiary. Please note that it is crucial to consult with a financial advisor or legal professional before making any changes to the beneficiary designation of an annuity in North Carolina. The specific requirements and implications may vary based on the individual circumstances and the terms of the annuity contract.
