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 Washington Request for Change of Beneficiary of Annuity is a legal document used to make amendments to the designated beneficiary of an annuity policy in the state of Washington. This form allows the annuity owner to update or replace the existing beneficiary listed on the policy, ensuring that the distribution of funds is aligned with their current wishes and intentions. The process of changing the beneficiary of an annuity policy involves specific requirements and procedures in Washington. By completing the Request for Change of Beneficiary of Annuity form, individuals can exercise their right to update the beneficiary information and ensure that their financial assets are directed to the desired individuals or entities in the event of their passing. Keywords: Washington, Request for Change of Beneficiary of Annuity, amendment, designated beneficiary, annuity policy, distribution of funds, update, replace, wishes, intentions, process, requirements, procedures, financial assets. Different types of Washington Request for Change of Beneficiary of Annuity may include: 1. Individual Annuity Beneficiary Change Request: This form is used when the annuity owner wishes to change the beneficiary designation for an individual who will receive the annuity benefits upon the owner's death. It typically requires the annuity owner's personal information, the current beneficiary's details, and the updated beneficiary's information. 2. Contingent Annuity Beneficiary Change Request: This type of form allows the annuity owner to designate a contingent or secondary beneficiary who will receive the annuity benefits if the primary beneficiary listed on the policy predeceases the owner. It usually requires the annuity owner to specify both the primary and contingent beneficiaries' information for proper distribution. 3. Trust Beneficiary Change Request: In some cases, annuity owners may choose to designate a trust as the beneficiary of their annuity policy. This form allows the annuity owner to specify the trust's details and update any changes regarding the trust beneficiary. It may require information such as the trust name, trustee details, and beneficiary information. 4. Organization or Charity Beneficiary Change Request: An annuity owner who wishes to name an organization or charity as the beneficiary of their annuity policy can utilize this form. It allows the owner to specify the organization's name, address, tax identification number, and any other necessary information to ensure proper allocation of the annuity proceeds. Keywords: Individual Annuity Beneficiary Change Request, Contingent Annuity Beneficiary Change Request, Trust Beneficiary Change Request, Organization Beneficiary Change Request, charity, annuity owner, beneficiary designation, contingent beneficiary, personal information, trust details, trust beneficiary, organization details, tax identification number, annuity proceeds.A Washington Request for Change of Beneficiary of Annuity is a legal document used to make amendments to the designated beneficiary of an annuity policy in the state of Washington. This form allows the annuity owner to update or replace the existing beneficiary listed on the policy, ensuring that the distribution of funds is aligned with their current wishes and intentions. The process of changing the beneficiary of an annuity policy involves specific requirements and procedures in Washington. By completing the Request for Change of Beneficiary of Annuity form, individuals can exercise their right to update the beneficiary information and ensure that their financial assets are directed to the desired individuals or entities in the event of their passing. Keywords: Washington, Request for Change of Beneficiary of Annuity, amendment, designated beneficiary, annuity policy, distribution of funds, update, replace, wishes, intentions, process, requirements, procedures, financial assets. Different types of Washington Request for Change of Beneficiary of Annuity may include: 1. Individual Annuity Beneficiary Change Request: This form is used when the annuity owner wishes to change the beneficiary designation for an individual who will receive the annuity benefits upon the owner's death. It typically requires the annuity owner's personal information, the current beneficiary's details, and the updated beneficiary's information. 2. Contingent Annuity Beneficiary Change Request: This type of form allows the annuity owner to designate a contingent or secondary beneficiary who will receive the annuity benefits if the primary beneficiary listed on the policy predeceases the owner. It usually requires the annuity owner to specify both the primary and contingent beneficiaries' information for proper distribution. 3. Trust Beneficiary Change Request: In some cases, annuity owners may choose to designate a trust as the beneficiary of their annuity policy. This form allows the annuity owner to specify the trust's details and update any changes regarding the trust beneficiary. It may require information such as the trust name, trustee details, and beneficiary information. 4. Organization or Charity Beneficiary Change Request: An annuity owner who wishes to name an organization or charity as the beneficiary of their annuity policy can utilize this form. It allows the owner to specify the organization's name, address, tax identification number, and any other necessary information to ensure proper allocation of the annuity proceeds. Keywords: Individual Annuity Beneficiary Change Request, Contingent Annuity Beneficiary Change Request, Trust Beneficiary Change Request, Organization Beneficiary Change Request, charity, annuity owner, beneficiary designation, contingent beneficiary, personal information, trust details, trust beneficiary, organization details, tax identification number, annuity proceeds.
