Arkansas Request for Change of Beneficiary of Annuity

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Multi-State
Control #:
US-01785BG
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Word; 
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Description

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.

How to fill out Request For Change Of Beneficiary Of Annuity?

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FAQ

Only the annuity owner can designate a beneficiary. You can change beneficiaries at any time, as long as the annuity contract doesn't require you to name an irrevocable beneficiary. You can also choose multiple beneficiaries, designating a percentage of the annuity to each person.

Generally, you can review and update your beneficiary designations by contacting the company or organization that provides your insurance or retirement plan. You can sometimes do this online. Otherwise, you'll have to complete, sign, and mail a paper form.

The policy owner is the only person who can change the beneficiary designation in most cases. If you have an irrevocable beneficiary or live in a community property state you need approval to make policy changes. A power of attorney can give someone else the ability to change your beneficiaries.

The five-year rule lets you spread out payments from an inherited annuity over five years, paying taxes on distributions as you go. You take the remainder of the contract and stretch annuity payments out over the rest of your life. Your life expectancy sets the basis for your actual payment amount and schedule.

A primary beneficiary is designated by the annuity owner to receive the death benefit upon their death. (NOTE: The owner is usually the annuitant, or person whose life the death benefit is contingent upon, but could be a different person.) The primary beneficiary has the first right to claim those funds.

It's important that a specific individual be named as beneficiary, rather than merely ?the estate.? If the estate is named, courts will examine the will to sort things out, leaving the will open to being contested. Another factor annuitants should consider is whether they want to name a contingent beneficiary.

Should the annuitant die during this time, the beneficiary will typically receive an annuity death benefit that's equal to the current value of the contract or the total amount of premiums the annuitant has paid ? whichever is greater.

Choosing who will receive your assets or the payout (called a ?death benefit?) from your life insurance policies is a decision you should consider carefully, because a beneficiary designation can't be changed or corrected after you're gone.

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Arkansas Request for Change of Beneficiary of Annuity