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.
West Virginia Request for Change of Beneficiary of Annuity is a legal document used to make amendments to the designated beneficiary of an annuity plan in the state of West Virginia. This form allows the annuity holder to update the beneficiary information, ensuring that the funds are distributed to the intended individual(s) upon their passing. The process of changing the beneficiary of an annuity requires proper documentation, and the West Virginia Request for Change of Beneficiary of Annuity form serves as the official means of initiating this change. By completing this form correctly and submitting it to the appropriate annuity provider or financial institution, individuals can ensure that their wishes are accurately reflected in their annuity plan. When it comes to West Virginia Request for Change of Beneficiary of Annuity, there may exist different variations based on the specific annuity plan or the preferences of the annuity provider. Some possible types may include: 1. Individual Annuity: This request form may apply to an individual annuity plan, wherein the annuity holder designates a single beneficiary to receive the funds upon their death. 2. Joint Annuity: In the case of a joint annuity plan, this form becomes applicable when the annuity holder wishes to update the beneficiary designation after the joint annuitant's death. 3. Employer-sponsored Annuity: For annuities offered through an employer-sponsored retirement plan, a specific request form linked to the organization's plan and guidelines might be available. 4. Charitable Annuity: For individuals who have named a charitable organization as the beneficiary of their annuity, a specialized form might be required to effectuate any changes to the beneficiary designation. 5. Life Insurance Annuity: In certain cases, annuity plans can be set up within a life insurance policy. For such annuities, there might be unique forms catering to the specific requirements associated with life insurance products. It is essential to note that the exact terminology and variants of the West Virginia Request for Change of Beneficiary of Annuity might differ depending on the annuity provider or financial institution. Thus, it is advisable to consult with the institution or refer to their official website for the precise form and guidelines required for changing the beneficiary of an annuity in West Virginia.
