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.
Bronx, New York is a bustling borough located in the greater New York City area. Known for its rich cultural diversity and vibrant neighborhoods, the Bronx offers a unique blend of entertainment, art, history, and outdoor attractions. When it comes to financial matters, such as annuities, individuals may find themselves needing to make changes to their beneficiary designation. The Bronx, like any other location, has residents who may need to request a change of beneficiary for their annuity policies. A request for a change of beneficiary in the Bronx, New York is a formal process by which a policyholder modifies the designated recipient(s) of their annuity funds upon their death. This change ensures that the assets accumulated in the annuity policy are distributed according to the updated wishes of the policyholder. There are several types of requests for a change of beneficiary of annuity that individuals in the Bronx, New York may encounter, including: 1. Individual Annuity Change of Beneficiary Request: This type of request is made by an individual policyholder who wants to update the person(s) who will receive the funds upon their passing. 2. Joint Annuity Change of Beneficiary Request: For policyholders who have a joint annuity with a spouse or partner, a joint annuity change of beneficiary request allows them to modify the beneficiaries in the event of their passing or the passing of their partner. 3. Trust Beneficiary Change Request: In certain cases, policyholders may want to name a trust as the beneficiary of their annuity. This can provide additional flexibility and control in the distribution of funds. 4. Contingent Beneficiary Change Request: Policyholders may also choose to designate contingent beneficiaries who will receive the annuity funds if the primary beneficiary predeceases them. To initiate a request for a change of beneficiary of an annuity in the Bronx, New York, policyholders typically need to complete a specific form provided by their annuity provider. They must provide detailed information about the current and new beneficiaries, their relationship to the policyholder, and any necessary supporting documents such as death certificates or legal paperwork for trusts. It's crucial for individuals filing a request for a change of beneficiary to review their annuity contract and consult with financial professionals or legal advisors if needed to ensure the process is done correctly and in line with their financial goals.Bronx, New York is a bustling borough located in the greater New York City area. Known for its rich cultural diversity and vibrant neighborhoods, the Bronx offers a unique blend of entertainment, art, history, and outdoor attractions. When it comes to financial matters, such as annuities, individuals may find themselves needing to make changes to their beneficiary designation. The Bronx, like any other location, has residents who may need to request a change of beneficiary for their annuity policies. A request for a change of beneficiary in the Bronx, New York is a formal process by which a policyholder modifies the designated recipient(s) of their annuity funds upon their death. This change ensures that the assets accumulated in the annuity policy are distributed according to the updated wishes of the policyholder. There are several types of requests for a change of beneficiary of annuity that individuals in the Bronx, New York may encounter, including: 1. Individual Annuity Change of Beneficiary Request: This type of request is made by an individual policyholder who wants to update the person(s) who will receive the funds upon their passing. 2. Joint Annuity Change of Beneficiary Request: For policyholders who have a joint annuity with a spouse or partner, a joint annuity change of beneficiary request allows them to modify the beneficiaries in the event of their passing or the passing of their partner. 3. Trust Beneficiary Change Request: In certain cases, policyholders may want to name a trust as the beneficiary of their annuity. This can provide additional flexibility and control in the distribution of funds. 4. Contingent Beneficiary Change Request: Policyholders may also choose to designate contingent beneficiaries who will receive the annuity funds if the primary beneficiary predeceases them. To initiate a request for a change of beneficiary of an annuity in the Bronx, New York, policyholders typically need to complete a specific form provided by their annuity provider. They must provide detailed information about the current and new beneficiaries, their relationship to the policyholder, and any necessary supporting documents such as death certificates or legal paperwork for trusts. It's crucial for individuals filing a request for a change of beneficiary to review their annuity contract and consult with financial professionals or legal advisors if needed to ensure the process is done correctly and in line with their financial goals.
