A Change of Beneficiary Provision allows the policyholder to alter the beneficiary designated to receive the benefits from a financial product such as life insurance or retirement accounts.
A deferred account is a financial account that postpones tax obligations until a later date, allowing the account holder to potentially reduce their current tax burden.
A series of equal or nearly equal payments made at the end of each equally spaced period. An ordinary annuity is commonly used in financial products like mortgages, leases, bonds, and retirement accounts.
A primary beneficiary is the individual or entity first in line to receive benefits from a trust, retirement account, or life insurance policy upon the policyholder's death.
A secondary beneficiary is an individual or entity designated to receive assets or benefits if the primary beneficiary is unable or unwilling to do so. Often used in insurance policies, estate planning, and retirement accounts.
