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 Wisconsin Request for Change of Beneficiary of Annuity is a legal document that allows an annuity policyholder in the state of Wisconsin to make modifications to their designated beneficiary. An annuity is a financial product that provides a series of regular payments to an individual over a specific period of time, typically used for retirement income purposes. When an annuity policyholder wishes to update or modify the beneficiary listed in their annuity contract, they can utilize the Wisconsin Request for Change of Beneficiary of Annuity form. This form allows the policyholder to specify the new beneficiary's details, including their full name, address, and relationship to the policyholder. It is essential to complete this form accurately and legibly to ensure the desired change is properly recorded by the annuity company. The policyholder should also provide their policy number and relevant account information to help the provider accurately identify their annuity contract. There may be different types or variations of the Wisconsin Request for Change of Beneficiary of Annuity form, such as: 1. Individual Annuity Beneficiary Change Request: This form is used when the policyholder has an individual annuity contract and wishes to change the beneficiary designation. 2. Joint Annuity Beneficiary Change Request: In the case of a joint annuity agreement, this form enables the policyholder to modify the beneficiary designation for both parties involved. It is important to note that changes made by one party will affect the rights and benefits of the other party, so mutual agreement is necessary. 3. Contingent Beneficiary Change Request: This type of form allows the policyholder to designate an alternate or contingent beneficiary who would receive the annuity benefits in case the primary beneficiary passes away before receiving the full benefits. When completing the Wisconsin Request for Change of Beneficiary of Annuity form, it is crucial to consult with a legal professional or financial advisor to ensure compliance with all applicable laws and regulations. This will help avoid any potential issues or disputes regarding the validity of the beneficiary change in the future. In summary, the Wisconsin Request for Change of Beneficiary of Annuity is a legal document used by annuity policyholders in Wisconsin to modify the designated beneficiary of their annuity contract. It comes in various types tailored to different annuity agreements, such as individual, joint, and contingent beneficiary changes. Seeking professional advice is recommended to ensure the proper completion of the form and compliance with legal requirements.
