Your Future Financial Health – Questions and Answers

BY Rebecca White-Martin

Life Insurance
How can the ownership of a policy be changed?
To change the ownership of a policy, the current policy owner must fill out a Transfer of Ownership/Designation of Successor Owner form and return it to the Insurance Service Center.
Who is a Beneficiary?
This is the person or other party designated to receive life insurance or annuity proceeds upon the death of the insured. The beneficiary is named when a policy is taken out and can be changed at the request of the policy owner.
Fixed Annuities
What does an annuity do?
While life insurance provides financial protection against dying too soon, annuities provide financial protection against living too long. They do this by guaranteeing a stream of income for life. Some annuities also use the power of tax deferral — earnings aren’t taxed until they’re withdrawn — so your money can grow faster.
What is the surrender period of the annuity?
As with any annuity, make sure that the surrender periods are consistent with your retirement timelines..

The above information is opinion based except where noted. Always contact a licensed professional for information on the above subject or BEFORE applying or practicing the above information.
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