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.
Contra Costa County, California, is located in the San Francisco Bay Area. It is a diverse and vibrant county known for its pleasant climate, beautiful landscapes, and rich cultural heritage. Within Contra Costa County, residents and individuals may need to submit a Request for Change of Beneficiary of Annuity to update and modify their annuity beneficiary information. A Request for Change of Beneficiary of Annuity in Contra Costa California allows individuals to designate new beneficiaries or alter the existing beneficiaries mentioned in their annuity contract. This request is essential for ensuring that the annuity proceeds are directed to the desired individuals upon the annuitant's passing. The Request for Change of Beneficiary of Annuity form typically requires personal information, such as the annuitant's full name, address, social security number, and the annuity policy number. It also allows for the specification of the new beneficiary, including their full name, relationship to the annuitant, and contact details. Different types of Contra Costa California Request for Change of Beneficiary of Annuity forms may include: 1. Individual Beneficiary Change Form: This form is used when an annuitant wants to name an individual as their beneficiary for the annuity proceeds. The annuitant may specify a spouse, child, relative, or any person they wish to receive the benefits. 2. Contingent Beneficiary Change Form: When an annuitant wants to name a secondary or contingent beneficiary, they can fill out this form. The contingent beneficiary receives the annuity proceeds if the primary beneficiary predeceases the annuitant. 3. Trust Beneficiary Change Form: In cases where an annuitant wants to assign a trust as their annuity beneficiary, this form is used. The annuitant must provide details of the trust, such as the trustee's name, address, and the trust's EIN (Employer Identification Number). 4. Organization Beneficiary Change Form: This form is used when an annuitant wishes to designate a charitable organization, nonprofit, or foundation as the beneficiary of their annuity. In this case, the annuitant needs to provide the organization's legal name, address, and contact information. It is crucial to ensure that the Request for Change of Beneficiary of Annuity is completed accurately, signed, and dated. It is recommended to consult with an insurance or financial professional or the annuity provider directly for guidance throughout the process. Keeping the annuity beneficiary information up to date ensures that the annuitant's intentions are honored, providing financial security and peace of mind for the future.
