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.
Wayne Michigan Request for Change of Beneficiary of Annuity is a legal document that allows individuals in Wayne, Michigan, to designate a new beneficiary for their annuity accounts. This request is commonly used when annuity holders want to make changes to the originally designated beneficiary. When it comes to the types of Wayne Michigan Request for Change of Beneficiary of Annuity forms, there may be variations based on specific annuity providers or plans. However, in general, the document would require the following key information: 1. Annuitant Details: The annuitant's full name, address, contact information, and Social Security number. 2. Current Beneficiary Information: The full name, address, contact information, and relationship to the annuitant of the current beneficiary. 3. Updated Beneficiary Information: The full name, address, contact information, and relationship to the annuitant of the newly designated beneficiary. 4. Annuity Account Details: Specific information regarding the annuity account, including the annuity contract number, policyholder's name, and managing institution. 5. Signature: The annuitant's signature and date, affirming the accuracy of the provided information and their intention to change the beneficiary. It's important to note that each annuity provider or financial institution may have their own specific Wayne Michigan Request for Change of Beneficiary of Annuity form. Therefore, it is advisable to contact the annuity provider or consult with a financial advisor to obtain the accurate and appropriate document. By using relevant keywords such as "Wayne Michigan," "Request for Change of Beneficiary of Annuity," and "annuity provider," individuals will be able to find the specific forms and information related to the process of changing beneficiaries for annuity accounts in Wayne, Michigan.Wayne Michigan Request for Change of Beneficiary of Annuity is a legal document that allows individuals in Wayne, Michigan, to designate a new beneficiary for their annuity accounts. This request is commonly used when annuity holders want to make changes to the originally designated beneficiary. When it comes to the types of Wayne Michigan Request for Change of Beneficiary of Annuity forms, there may be variations based on specific annuity providers or plans. However, in general, the document would require the following key information: 1. Annuitant Details: The annuitant's full name, address, contact information, and Social Security number. 2. Current Beneficiary Information: The full name, address, contact information, and relationship to the annuitant of the current beneficiary. 3. Updated Beneficiary Information: The full name, address, contact information, and relationship to the annuitant of the newly designated beneficiary. 4. Annuity Account Details: Specific information regarding the annuity account, including the annuity contract number, policyholder's name, and managing institution. 5. Signature: The annuitant's signature and date, affirming the accuracy of the provided information and their intention to change the beneficiary. It's important to note that each annuity provider or financial institution may have their own specific Wayne Michigan Request for Change of Beneficiary of Annuity form. Therefore, it is advisable to contact the annuity provider or consult with a financial advisor to obtain the accurate and appropriate document. By using relevant keywords such as "Wayne Michigan," "Request for Change of Beneficiary of Annuity," and "annuity provider," individuals will be able to find the specific forms and information related to the process of changing beneficiaries for annuity accounts in Wayne, Michigan.
