A contingent annuitant is an individual who is entitled to receive payments from an annuity upon the death of the primary annuitant. The primary annuitant is the individual who originally purchased the annuity.
Can a Contingent annuitant be changed? Yes, a contingent annuitant can be changed. However, the process and rules for doing so may vary depending on the insurer and the type of annuity contract. For example, some annuity contracts may allow the policyholder to change the contingent annuitant at any time, while others may require the policyholder to obtain the consent of the original contingent annuitant before making any changes. It's always best to check with the insurer to see what the specific requirements are for changing a contingent annuitant on your particular annuity contract. What is the term used to describe an annuity? An annuity is an insurance product that allows you to save for retirement or other long-term goals. With an annuity, you make payments into the account, and the annuity provider invests your money. When you retire or reach your goal, you can start withdrawing money from the account, which can provide you with a stream of income for life.
Can the owner of an annuity change the annuitant? Yes, the owner of an annuity can change the annuitant. However, there may be some restrictions depending on the type of annuity and the insurer. For example, some annuities may have a provision that allows the owner to change the annuitant only if the original annuitant dies or becomes disabled. What type of annuity is represented by a deposit? The type of annuity represented by a deposit is called a deferred annuity. This type of annuity allows you to make periodic deposits into your account, which grow tax-deferred. When you decide to start taking withdrawals, you can do so either all at once (lump sum) or over time (annuitized). Who can be an annuitant for an annuity contract? An annuitant is the person who receives payments from an annuity. The annuitant can be the person who owns the annuity contract, or it can be someone else designated by the owner.