- The information you provide on the Election of Change of Beneficiary form supersedes all existing beneficiary(s) information on the certificate.
- You will need to provide the full given name, social security number (if you have), relationship to insured, date of birth, phone number, and complete address of the new beneficiary.
- Ownership – when there is a living designated owner of an insurance certificate (other than the insured) the owner must sign the change of beneficiary form and have their signature witnessed.
- A wife’s given name and her husband’s name should be used.
- Always state the beneficiary’s relationship to the insured or the annuitant.
- If you have more than one certificate and the beneficiaries will all be the same for each certificate, you may list all the certificate numbers on one (1) Change of Beneficiary Form.
- When two or more beneficiaries are named in equal position clearly state the division of proceeds (portion, share, %) such as (=) equal shares or a specific percentage.
- If no beneficiaries survive the insured or the annuitant, the death benefits shall be paid to the estate of the insured or the annuitant.
- A minor may be named as long as a Guardian/ Custodian is appointed to receive the funds on the minor’s behalf. Either a Trust or an UTMA (Uniform Transfer to Minors Act) account must be set up to have immediate access to the proceeds. Complete the beneficiary designation as follows: ”Name of Guardian /Custodian”, as Custodian for (Name of Minor) under the (Name of State) UTMA: Example: John Doe, as Custodian for Jason Smith under the Ohio UTMA.
- If you have Power of Attorney (POA) OR Guardianship for the insured, please include a copy of your POA or Guardianship papers and make sure the name, address & phone # of the POA or Guardian is on the document.
- If you are listing your TRUST as the beneficiary – please include a copy of the Title, Successor and Signature pages.
- Please make sure you have your signature witnessed by another adult who is not your beneficiary. This DOES NOT need to be notarized.
- Faxes are not accepted on Beneficiary changes.
Frequently asked questions about Beneficiaries:
What is a beneficiary? A beneficiary is the person or entity you designate to receive the proceeds (death benefit) from your life insurance policy. There are two kinds if beneficiaries: “Primary” and “Contingent”. The Primary beneficiary receives the death benefit. The Contingent only receives the benefit if the Primary is also deceased.
Who can I name as a beneficiary? Spouse, children, niece, nephew, trust, charity, church, your estate (any living person)
Why do I need to update my beneficiary? If there are no living beneficiaries Primary or Contingent – the benefit is paid to your Estate. In this case, probate proceedings could delay distribution of the benefits. Not having your beneficiary updated can cause numerous problems for your family and a lot more work during a difficult time. One of the best gifts you can leave your family is to have your beneficiary current and up to date.
How often do I need to update it? As your life situations change, so could your choice of beneficiary. Marriage, divorce, birth or adoption of a child, a death of a current beneficiary or an address change are all events that could cause you to change your initial selection. It is a good idea to annually review your beneficiary designation in order to make sure your choice(s) is/are still appropriate.
