Annuity Forms
What Does Annuity Forms Mean?
The annuity form is a document that serves either as a contract for a specific type of annuity or as a request to revise or change the mode of transaction for an annuity. It is signed and submitted to the company for validation.
Insuranceopedia Explains Annuity Forms
An annuity form can either serve as an annuity contract or as a request for a change related to the annuity. There are various types of annuities, with the most common being immediate annuity, deferred annuity, fixed annuity, and variable annuity. The primary distinction between these types lies in the method of cash payout. For example, with a deferred annuity, withdrawals begin on a fixed schedule, typically after retirement. In contrast, an immediate annuity provides payouts immediately after the annuity is purchased.
Additionally, an annuity form can be used to request a change to the annuity, such as modifying the beneficiary or authorizing a withdrawal. This allows someone else to make withdrawals from the annuity on your behalf.
