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.
A Harris Texas Request for Change of Beneficiary of Annuity is a legal document that allows the owner of an annuity policy located in Harris County, Texas, to change the designated beneficiary for their annuity proceeds. This request is typically submitted to the annuity provider or insurance company holding the policy. Keywords: Harris Texas, Request for Change of Beneficiary, Annuity Different types of Harris Texas Request for Change of Beneficiary of Annuity may include: 1. Harris Texas Individual Annuity: This refers to an annuity policy held by an individual in Harris County, Texas, that may require a Request for Change of Beneficiary if the owner wishes to update the beneficiary designation. 2. Harris Texas Joint Annuity: In the case of a joint annuity, where two individuals jointly hold the annuity policy, both parties may need to sign the Request for Change of Beneficiary form for any beneficiary changes to be valid. 3. Harris Texas Qualified Annuity: If the annuity policy is of a qualified nature, meaning it is associated with a retirement account such as an IRA or 401(k), special considerations or regulations may apply to the Request for Change of Beneficiary. 4. Harris Texas Non-Qualified Annuity: Non-qualified annuities are policies that are not associated with retirement accounts. They may have different provisions for changing the beneficiary and may require a specific Harris Texas Request for Change of Beneficiary form. It is important to note that the specific terms and conditions of the Harris Texas Request for Change of Beneficiary of Annuity may vary depending on the annuity provider, the policy terms, and applicable state laws. The annuity owner should carefully review the form and consult with a legal professional or financial advisor for guidance in completing the request accurately and in compliance with all legal requirements.A Harris Texas Request for Change of Beneficiary of Annuity is a legal document that allows the owner of an annuity policy located in Harris County, Texas, to change the designated beneficiary for their annuity proceeds. This request is typically submitted to the annuity provider or insurance company holding the policy. Keywords: Harris Texas, Request for Change of Beneficiary, Annuity Different types of Harris Texas Request for Change of Beneficiary of Annuity may include: 1. Harris Texas Individual Annuity: This refers to an annuity policy held by an individual in Harris County, Texas, that may require a Request for Change of Beneficiary if the owner wishes to update the beneficiary designation. 2. Harris Texas Joint Annuity: In the case of a joint annuity, where two individuals jointly hold the annuity policy, both parties may need to sign the Request for Change of Beneficiary form for any beneficiary changes to be valid. 3. Harris Texas Qualified Annuity: If the annuity policy is of a qualified nature, meaning it is associated with a retirement account such as an IRA or 401(k), special considerations or regulations may apply to the Request for Change of Beneficiary. 4. Harris Texas Non-Qualified Annuity: Non-qualified annuities are policies that are not associated with retirement accounts. They may have different provisions for changing the beneficiary and may require a specific Harris Texas Request for Change of Beneficiary form. It is important to note that the specific terms and conditions of the Harris Texas Request for Change of Beneficiary of Annuity may vary depending on the annuity provider, the policy terms, and applicable state laws. The annuity owner should carefully review the form and consult with a legal professional or financial advisor for guidance in completing the request accurately and in compliance with all legal requirements.
