Annuities are meant to make retirement simpler, but changing one can take a surprising amount of paperwork. Many insurance companies ask for a notarized signature before they’ll release money, change a beneficiary or move a contract to a new owner. Here’s what to expect, what to bring, and how to avoid the mistakes that send forms back in the mail.
Which annuity forms usually need a notary?
Every insurance company sets its own rules, and the requirement can depend on the dollar amount or the type of change. Forms that often ask for a notarized signature include:
- Full or partial surrender (withdrawal) requests, especially for larger amounts or when the money is going somewhere other than the address on file
- Beneficiary change forms
- Ownership change or assignment forms
- Death claim forms filed by a beneficiary
- Affidavits, such as a lost contract affidavit when the original contract can’t be found
The form itself will usually tell you. Look for a notary section near the signature line or a note in the instructions.
Notary stamp or medallion signature guarantee?
Some companies ask for a medallion signature guarantee instead of, or in addition to, a notarization. They aren’t the same thing. A medallion signature guarantee comes from a participating bank, credit union or brokerage firm and is designed to protect against unauthorized transfers. A notary can’t provide one, and a notary stamp won’t satisfy a form that specifically asks for a medallion guarantee. The SEC’s Investor.gov site explains how medallion signature guarantees work.
If your form accepts either one, a notarization is often the faster route, because institutions usually only provide medallion guarantees for their own customers.
What to bring to your appointment
- The complete, unsigned form, including every page the insurance company sent. Don’t sign until you’re with the notary.
- A current government-issued photo ID. The name should match the name on the annuity contract.
- Your contract or policy number and any account details the form asks for.
- A copy of the power of attorney, if you’re signing as someone’s agent. Check first that the insurance company will accept it, since many review POAs before acting on them.
- Witnesses, if the form requires them. Let us know ahead of time and we can arrange them.
- A prepaid envelope or overnight label if the insurer wants the original mailed back. We can handle the shipping for you, too.
Notarizing annuity forms for a parent or loved one
Many annuity owners are retirees, and some can’t easily travel. A mobile notary can come to a home, hospital or assisted living facility. The signer must understand what they’re signing and sign willingly, and a notary will decline if the signer seems confused or pressured. That protects your family as much as it protects the insurance company.
If your loved one can no longer sign, ask the insurance company whether an agent under a power of attorney or a court-appointed guardian can act for them.
Can annuity paperwork be notarized online?
Sometimes. Some insurance companies accept documents notarized through remote online notarization, while others still want a wet-ink signature with a physical stamp. Check the form’s instructions or call the company first. If online works for your insurer, here’s how remote online notarization works.
Why annuity forms get rejected
The most common reasons are a signature that doesn’t match the name on the contract, missing pages, an incomplete notary section, or a form that needed a medallion signature guarantee instead of a notarization. Reading the instructions before your appointment, and bringing every page, prevents most of these.
Get your annuity documents notarized today
Notarizr’s commissioned notaries come to you, often the same day, and can print, witness and ship your documents. Book a mobile notary near you, use Instant Book to see your price and choose a time, or call 1-877-618-OPAL with any questions.