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.
Cook Illinois Corporation is a reputable insurance company that offers a variety of financial products, including annuities. An annuity is a financial contract that provides a set income stream over a fixed period or for the rest of one's life. At times, circumstances may arise where the beneficiary designated in the annuity needs to be changed. In such cases, Cook Illinois offers a Request for Change of Beneficiary of Annuity form to facilitate this process. The Cook Illinois Request for Change of Beneficiary of Annuity form is a legally binding document that allows the policyholder to update or modify the beneficiary designation associated with their annuity. This request can be made for various reasons, such as a change in family circumstances, divorce, marriage, the birth of a child, or in cases where the original beneficiary is deceased. By completing this form accurately and providing the necessary information, policyholders can ensure that their annuity's death benefit proceeds will be directed towards their intended beneficiary upon their passing. The Change of Beneficiary form typically requires the policyholder to provide their personal details, including their full name, address, contact information, and policy number. Furthermore, Cook Illinois may offer different types of Request for Change of Beneficiary of Annuity forms to cater to specific needs of policyholders. Some potential types may include: 1. Primary Beneficiary Change Form: This form would allow the policyholder to designate a new primary beneficiary, who would be the first in line to receive the annuity's death benefit proceeds. 2. Contingent Beneficiary Change Form: This form would enable the policyholder to update or amend the contingent beneficiary designation. In the event that the primary beneficiary is unable to receive the death benefit proceeds, the contingent beneficiary would step in as an alternative. 3. Multiple Beneficiary Change Form: In cases where the policyholder wishes to name multiple beneficiaries or allocate specific percentages of the death benefit proceeds to different individuals, this form would allow them to do so. It is important to note that Cook Illinois may have specific guidelines and requirements for completing the Request for Change of Beneficiary of Annuity form. Policyholders are advised to carefully review the instructions provided by the company and seek assistance from their financial advisor or Cook Illinois representative if needed. Overall, Cook Illinois offers policyholders a straightforward and efficient process to update beneficiary designations through their Request for Change of Beneficiary of Annuity form. This enables individuals to ensure that their annuity benefits pass on to the intended beneficiaries in accordance with their wishes.
