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.
Philadelphia Pennsylvania is a vibrant city located in the northeastern United States. Known for its rich history, iconic landmarks, and diverse culture, Philadelphia offers a multitude of attractions and activities for both residents and visitors. Home to the Liberty Bell and Independence Hall, Philadelphia played a significant role in the American Revolution and was the birthplace of the United States. Visitors can explore these historical sites and immerse themselves in the city's patriotic spirit. Other famous landmarks include the Philadelphia Museum of Art, where the "Rocky Steps" are located, and the picturesque Boathouse Row along the Schuylkill River. Philadelphia also boasts a thriving arts and music scene. The city is home to the Philadelphia Orchestra, renowned for its performances at the Kimmel Center for the Performing Arts. The Avenue of the Arts is a vibrant stretch of theaters and performance spaces, hosting Broadway shows, concerts, and dance performances. Sports enthusiasts can cheer on their favorite teams at the Lincoln Financial Field, Citizens Bank Park, or the Wells Fargo Center, where the Eagles (football), Phillies (baseball), 76ers (basketball), and Flyers (hockey) entertain fans throughout the year. Food lovers will appreciate Philadelphia's diverse culinary scene, which includes famous dishes like cheese steaks and soft pretzels. The Reading Terminal Market is a bustling hub for local vendors and artisans, offering a wide range of fresh produce, meats, seafood, and international cuisine. When it comes to education, Philadelphia is home to prestigious universities such as the University of Pennsylvania, Temple University, and Drexel University. These institutions attract students from around the world and contribute to the city's intellectual and innovative environment. In terms of different types of Philadelphia Pennsylvania Request for Change of Beneficiary of Annuity, there may be variations based on specific insurance companies or financial institutions issuing the annuity. Which specific product or provider would require the request for the change of beneficiary would need further clarification. However, regardless of the specific form or document, it is essential to provide accurate and updated information while ensuring compliance with legal requirements. Additionally, it is recommended to consult a financial advisor or legal professional to guide you through the process and ensure the necessary steps are taken correctly.
