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.
Wyoming Request for Change of Beneficiary of Annuity is a legal document that allows an annuity holder in the state of Wyoming to make changes to the designated beneficiary of their annuity contract. This document is important for ensuring that the annuity proceeds go to the desired individual or entity after the annuity holder passes away. Keywords: Wyoming, request, change of beneficiary, annuity When it comes to the different types of Wyoming Request for Change of Beneficiary of Annuity, there are a few variations based on the specific annuity contract: 1. Fixed Annuity: This type of annuity guarantees a fixed interest rate and periodic payments over a predetermined period. A Wyoming Request for Change of Beneficiary of Fixed Annuity is used to modify the beneficiary designation for this specific type of annuity. 2. Variable Annuity: Variable annuities involve investing assets in various investment options, giving the potential for higher returns, but with more risk. Individuals holding a variable annuity need to complete a Wyoming Request for Change of Beneficiary of Variable Annuity to update the beneficiary information. 3. Indexed Annuity: Indexed annuities provide returns linked to a specific market index, offering the potential for growth while ensuring protection against market downturns. A Wyoming Request for Change of Beneficiary of Indexed Annuity must be used to change the beneficiary designation for this type of annuity. 4. Deferred Annuity: Deferred annuities allow individuals to accumulate funds over a specified period, with the option to receive payments at a later date or after retirement. To modify the beneficiary information for a deferred annuity, a Wyoming Request for Change of Beneficiary of Deferred Annuity needs to be completed. It's important to note that each annuity contract may have specific requirements and provisions regarding the change of beneficiary, hence it is advisable to carefully review the annuity contract and consult with an attorney or financial professional when completing the Wyoming Request for Change of Beneficiary of Annuity form.Wyoming Request for Change of Beneficiary of Annuity is a legal document that allows an annuity holder in the state of Wyoming to make changes to the designated beneficiary of their annuity contract. This document is important for ensuring that the annuity proceeds go to the desired individual or entity after the annuity holder passes away. Keywords: Wyoming, request, change of beneficiary, annuity When it comes to the different types of Wyoming Request for Change of Beneficiary of Annuity, there are a few variations based on the specific annuity contract: 1. Fixed Annuity: This type of annuity guarantees a fixed interest rate and periodic payments over a predetermined period. A Wyoming Request for Change of Beneficiary of Fixed Annuity is used to modify the beneficiary designation for this specific type of annuity. 2. Variable Annuity: Variable annuities involve investing assets in various investment options, giving the potential for higher returns, but with more risk. Individuals holding a variable annuity need to complete a Wyoming Request for Change of Beneficiary of Variable Annuity to update the beneficiary information. 3. Indexed Annuity: Indexed annuities provide returns linked to a specific market index, offering the potential for growth while ensuring protection against market downturns. A Wyoming Request for Change of Beneficiary of Indexed Annuity must be used to change the beneficiary designation for this type of annuity. 4. Deferred Annuity: Deferred annuities allow individuals to accumulate funds over a specified period, with the option to receive payments at a later date or after retirement. To modify the beneficiary information for a deferred annuity, a Wyoming Request for Change of Beneficiary of Deferred Annuity needs to be completed. It's important to note that each annuity contract may have specific requirements and provisions regarding the change of beneficiary, hence it is advisable to carefully review the annuity contract and consult with an attorney or financial professional when completing the Wyoming Request for Change of Beneficiary of Annuity form.
