Annuity Contract Legal Forms

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Commonly Asked Questions about Annuity Contract Legal Forms

How do I buy an annuity contract?

How to purchase an annuity: A step-by-step guide Evaluate your financial goals. An annuity provides cash flow over an extended period of time, potentially for life. Research the type of annuity that fits your goals. Choose your annuity company. Submit your application. Fund your annuity.

What is included in an annuity contract?

Annuity Contract Features The value of your annuity consists of premiums you have paid, less charges, plus interest credited. This value is used to calculate the amount of benefits you will receive. Charges, interest, surrender rights, and benefits are explained below.

What is the form of ownership of an annuity?

Normally, the annuitant and owner should be the same person. The death of the annuitant results in the annuity becoming a death benefit. If the owner is not the annuitant there should be a contingent owner of the policy in that if the owner predeceases the annuitant, the annuity continues.

What are the parts of the annuity contract?

The main components that comprise an annuity are the following: Annuity Premiums. This is the amount of money the annuitant pays for the annuity to begin. Annuity Account. Annuity Period. Annuity Distribution. Annuity Maturity. Annuity Penalties. Contributions.

How does an annuity contract work?

An annuity is a written contract typically between you and a life insurance company in which the insurance company makes a series of regularly spaced payments to you in return for a premium or premiums you have paid. An annuity is not life insurance.

Is a beneficiary included in an annuity contract?

An annuity contract is a contractual obligation between as many as four parties. They are the issuer (usually an insurance company), the owner of the annuity, the annuitant, and the beneficiary.

Who controls an annuity contract?

The annuitant in an annuity contract is the person whose life expectancy influences payment amounts and who receives the annuitys payments. Usually, the annuitant is also the owner. Alternative choices often include a spouse or relative.