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.
Ohio Request for Change of Beneficiary of Annuity is a legal form used to initiate a change in the designated beneficiary of an annuity plan in the state of Ohio. An annuity is a financial product that provides regular payments to an individual or beneficiary over a specific period. This request form allows the annuity holder to update or replace the existing beneficiary with a new individual or entity. To ensure the accuracy and legality of the change request, it is important to complete the Ohio Request for Change of Beneficiary of Annuity form thoroughly and accurately. Some relevant details that may be required include the annuity policyholder's name, address, annuity policy number, and the current beneficiary's information. The form may also require details such as the new beneficiary's name, complete contact information, social security number (if applicable), relationship to the policyholder, and the percentage or amount of the annuity to be designated to the new beneficiary. It's worth noting that there might be different types of Ohio Request for Change of Beneficiary of Annuity forms, which can vary based on the specific annuity plan, issuer, and other relevant factors. Common variations could include: 1. Individual Annuity Change of Beneficiary Form: This form is typically used for changing the beneficiary for an individual annuity plan. The policyholder would be required to provide their personal details along with the information of the new beneficiary. 2. Joint Annuity Change of Beneficiary Form: This form is specifically designed for joint annuity plans, where two individuals are named as beneficiaries. In the event of the death of one of the beneficiaries, the remaining person can use this form to update the beneficiary designation. 3. Estate Annuity Change of Beneficiary Form: Estate annuities involve naming the estate as the beneficiary. This form allows for the change of beneficiary if the policyholder decides to name a specific individual or entity as the new beneficiary. Completing and submitting an Ohio Request for Change of Beneficiary of Annuity form is crucial to ensure that the desired beneficiary receives the annuity payments as intended. It is recommended to review the form thoroughly and consult with a legal professional or financial advisor if needed to ensure compliance with Ohio state laws and regulations.
