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.
New Hampshire Request for Change of Beneficiary of Annuity is a legal document used to request a modification in the designated beneficiary for an annuity plan in New Hampshire. This form allows annuity policyholders to update their beneficiary information, ensuring that their assets are distributed to the intended individuals or entities upon their death. The New Hampshire Request for Change of Beneficiary of Annuity is crucial in situations where the policyholder wishes to revise the beneficiary designation due to various reasons, such as divorce, marriage, the birth of a child, or the passing of a previously designated beneficiary. The process of completing the New Hampshire Request for Change of Beneficiary of Annuity form involves providing accurate details, such as the policyholder's name, address, annuity contract number, and the exact changes to be made regarding the beneficiary designation. The form must be signed and dated by the policyholder, ensuring its authenticity and legal validity. Different types of New Hampshire Request for Change of Beneficiary of Annuity forms may exist based on the issuing institution or insurance company. Some notable annuity providers in New Hampshire include but are not limited to: 1. ABC Insurance Company — New Hampshire Request for Change of Beneficiary of Annuity: This form is specific to annuity policies held with ABC Insurance Company. Policyholders of ABC Insurance Company annuities can request a change of beneficiary by completing this form accurately and submitting it to the company's designated address. 2. XYZ Investments — New Hampshire Request for Change of Beneficiary of Annuity: XYZ Investments offers annuity plans in New Hampshire and provides a specific form for policyholders to request changes in beneficiary designations. This form includes necessary fields that must be filled out to ensure a smooth and legally binding change. It is vital for policyholders to contact their specific annuity provider to obtain the correct New Hampshire Request for Change of Beneficiary of Annuity form. Each company may have its own version of the form, tailored to their policies and procedures. In conclusion, the New Hampshire Request for Change of Beneficiary of Annuity is a crucial legal document that allows annuity policyholders in New Hampshire to update their beneficiary designations. By using the correct form provided by their respective annuity providers, policyholders can ensure that their wishes regarding the distribution of their annuity assets are honored.
