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.
A New York Request for Change of Beneficiary of Annuity is a legal document used to modify the designated beneficiary of an annuity contract in the state of New York. This form is crucial for individuals who wish to update their beneficiary information due to a change in personal circumstances or preferences. It is important to ensure that the annuity's proceeds are directed to the intended recipient upon the annuitant's death. Keywords: New York, Request for Change of Beneficiary, annuity, document, modify, designated beneficiary, annuity contract, beneficiary information, personal circumstances, preferences, annuitant's death. Types of New York Request for Change of Beneficiary of Annuity: 1. Individual Annuity Change of Beneficiary: This form is used when an individual annuitant wants to change the designated beneficiary of their annuity contract. It enables the annuitant to update the beneficiary details to reflect their current wishes. 2. Joint Annuity Change of Beneficiary: In the case of a joint annuity, where two individuals share ownership of the annuity contract, a Joint Annuity Change of Beneficiary form is required. This form allows both annuitants to modify the beneficiary information collectively. 3. Group Annuity Change of Beneficiary: Group annuities are typically purchased by employers or organizations for the benefit of their employees or members. A Group Annuity Change of Beneficiary form is used when there is a need to change the designated beneficiary of the annuity contract issued to a particular group. 4. Trust Annuity Change of Beneficiary: When an annuity contract is held within a trust, the Trust Annuity Change of Beneficiary form is employed to modify the beneficiary information based on the requirements and decisions of the trust. 5. Annuity Change of Beneficiary Due to Divorce: In the event of a divorce or dissolution of marriage, individuals may need to update the beneficiary designation in their annuity contracts. An Annuity Change of Beneficiary Due to Divorce form is used specifically for this purpose, ensuring that the appropriate changes are made. Remember, it is essential to use the correct New York Request for Change of Beneficiary of Annuity form based on the specific circumstances and type of annuity contract involved.
