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.
Wake North Carolina Request for Change of Beneficiary of Annuity is a legal document used to modify the designated beneficiary of an annuity policy in the state of Wake, North Carolina. This request allows the policyholder to update their annuity beneficiary to ensure that their assets are transferred to the intended individual or entity upon their death. Key phrases: Wake North Carolina, annuity, change of beneficiary, policyholder, intended individual, asset transfer Different types of Wake North Carolina Request for Change of Beneficiary of Annuity may include: 1. Wake North Carolina Request for Change of Beneficiary of Fixed Annuity: This form is specifically designed for policyholders who want to modify the beneficiary of a fixed annuity, where the interest is credited at a fixed rate during the accumulation phase. 2. Wake North Carolina Request for Change of Beneficiary of Variable Annuity: This type of request is for policyholders who have a variable annuity, where investment gains and losses fluctuate based on the performance of the chosen investment options. 3. Wake North Carolina Request for Change of Beneficiary of Indexed Annuity: This form is for policyholders with an indexed annuity, which provides potential interest credits based on the performance of an underlying index, such as the S&P 500. 4. Wake North Carolina Request for Change of Beneficiary of Immediate Annuity: Immediate annuities start providing regular income payments to the annuitant immediately after a lump-sum payment, and this request form allows modification of the beneficiary for such scenarios. 5. Wake North Carolina Request for Change of Beneficiary of Deferred Annuity: Deferred annuities accumulate funds for a specified period before it converts into a payout phase, and this type of request is applicable for policyholders who wish to change the beneficiary of their deferred annuity. 6. Wake North Carolina Request for Change of Beneficiary for Spousal Annuity: This request is specifically for spousal annuities where the policyholder seeks to update the beneficiary to their spouse, ensuring the transfer of benefits upon their passing. It is important to consult with a legal professional or the annuity provider to obtain the correct Wake North Carolina Request for Change of Beneficiary of Annuity form that matches the specific type of annuity held. Ensuring accuracy and adherence to legal requirements is crucial to avoid any complications in the future.Wake North Carolina Request for Change of Beneficiary of Annuity is a legal document used to modify the designated beneficiary of an annuity policy in the state of Wake, North Carolina. This request allows the policyholder to update their annuity beneficiary to ensure that their assets are transferred to the intended individual or entity upon their death. Key phrases: Wake North Carolina, annuity, change of beneficiary, policyholder, intended individual, asset transfer Different types of Wake North Carolina Request for Change of Beneficiary of Annuity may include: 1. Wake North Carolina Request for Change of Beneficiary of Fixed Annuity: This form is specifically designed for policyholders who want to modify the beneficiary of a fixed annuity, where the interest is credited at a fixed rate during the accumulation phase. 2. Wake North Carolina Request for Change of Beneficiary of Variable Annuity: This type of request is for policyholders who have a variable annuity, where investment gains and losses fluctuate based on the performance of the chosen investment options. 3. Wake North Carolina Request for Change of Beneficiary of Indexed Annuity: This form is for policyholders with an indexed annuity, which provides potential interest credits based on the performance of an underlying index, such as the S&P 500. 4. Wake North Carolina Request for Change of Beneficiary of Immediate Annuity: Immediate annuities start providing regular income payments to the annuitant immediately after a lump-sum payment, and this request form allows modification of the beneficiary for such scenarios. 5. Wake North Carolina Request for Change of Beneficiary of Deferred Annuity: Deferred annuities accumulate funds for a specified period before it converts into a payout phase, and this type of request is applicable for policyholders who wish to change the beneficiary of their deferred annuity. 6. Wake North Carolina Request for Change of Beneficiary for Spousal Annuity: This request is specifically for spousal annuities where the policyholder seeks to update the beneficiary to their spouse, ensuring the transfer of benefits upon their passing. It is important to consult with a legal professional or the annuity provider to obtain the correct Wake North Carolina Request for Change of Beneficiary of Annuity form that matches the specific type of annuity held. Ensuring accuracy and adherence to legal requirements is crucial to avoid any complications in the future.
