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.
Rhode Island Request for Change of Beneficiary of Annuity: A Detailed Description A Rhode Island Request for Change of Beneficiary of Annuity is a legal document used to formally update the designated beneficiary of an annuity account in the state of Rhode Island. This request allows the annuity holder to make changes to the established beneficiary and ensure that the funds are passed on as desired. To initiate a change of beneficiary, the annuity holder must complete a Rhode Island Request for Change of Beneficiary of Annuity form, which can usually be obtained from the annuity provider or their financial advisor. This form requires specific information, including the current policyholder's details, policy number, and the new beneficiary's information. Keywords: Rhode Island, Request for Change of Beneficiary of Annuity, change of beneficiary, annuity account, designated beneficiary, legal document, annuity holder, funds, policyholder, policy number, new beneficiary. Types of Rhode Island Request for Change of Beneficiary of Annuity: 1. Individual Annuity Request for Change of Beneficiary: This type of request is used when an individual holds an annuity account and wants to modify the beneficiary designation. 2. Joint Annuity Request for Change of Beneficiary: If the annuity account is jointly owned, both owners must complete the Request for Change of Beneficiary form to update the beneficiary designation. 3. Trust-Owned Annuity Request for Change of Beneficiary: When an annuity is held within a trust, the trustee(s) must submit the Request for Change of Beneficiary of Annuity form to indicate the desired beneficiary changes. Note: It is crucial to consult with a legal or financial professional while completing any change of beneficiary request to ensure compliance with Rhode Island state laws and to avoid potential conflicts or disputes in the future. In conclusion, a Rhode Island Request for Change of Beneficiary of Annuity is a vital document that enables an annuity holder to update the beneficiary designation of their annuity account. By completing this form accurately and following the required procedures, the annuity holder can ensure that their funds are distributed according to their wishes upon their passing.Rhode Island Request for Change of Beneficiary of Annuity: A Detailed Description A Rhode Island Request for Change of Beneficiary of Annuity is a legal document used to formally update the designated beneficiary of an annuity account in the state of Rhode Island. This request allows the annuity holder to make changes to the established beneficiary and ensure that the funds are passed on as desired. To initiate a change of beneficiary, the annuity holder must complete a Rhode Island Request for Change of Beneficiary of Annuity form, which can usually be obtained from the annuity provider or their financial advisor. This form requires specific information, including the current policyholder's details, policy number, and the new beneficiary's information. Keywords: Rhode Island, Request for Change of Beneficiary of Annuity, change of beneficiary, annuity account, designated beneficiary, legal document, annuity holder, funds, policyholder, policy number, new beneficiary. Types of Rhode Island Request for Change of Beneficiary of Annuity: 1. Individual Annuity Request for Change of Beneficiary: This type of request is used when an individual holds an annuity account and wants to modify the beneficiary designation. 2. Joint Annuity Request for Change of Beneficiary: If the annuity account is jointly owned, both owners must complete the Request for Change of Beneficiary form to update the beneficiary designation. 3. Trust-Owned Annuity Request for Change of Beneficiary: When an annuity is held within a trust, the trustee(s) must submit the Request for Change of Beneficiary of Annuity form to indicate the desired beneficiary changes. Note: It is crucial to consult with a legal or financial professional while completing any change of beneficiary request to ensure compliance with Rhode Island state laws and to avoid potential conflicts or disputes in the future. In conclusion, a Rhode Island Request for Change of Beneficiary of Annuity is a vital document that enables an annuity holder to update the beneficiary designation of their annuity account. By completing this form accurately and following the required procedures, the annuity holder can ensure that their funds are distributed according to their wishes upon their passing.
