You may name any person, organization, trust or estate to receive the death benefit (or proceeds) upon the insured’s death. You are not able to name yourself as a beneficiary if you are the insured. It is important to include complete information to make sure the beneficiary can be unquestionably identified.
Can I name a funeral home as a beneficiary?
Some states do not allow a funeral home to be named as a beneficiary, so check with your attorney for restrictions. If this is allowed by your state, be aware that if a funeral home is listed as the only beneficiary, they are under no obligation to give any remaining proceeds to your family or estate.
Do I have to name a contingent beneficiary?
No. The contingent beneficiary would only receive the proceeds if there are no surviving primary beneficiaries at the time of the insured’s death.
How can I view and update my beneficiary information?
You can view and quickly update your beneficiary information online. Sign-In and click the Beneficiaries link on the Account Overview or Policy Details page.
If you have questions about your current beneficiaries, you can click on the chat icon to get help now, or give us a call.
How do I know you have recorded my beneficiary update?
Upon approval of your beneficiary change, your update will be viewable on the Beneficiaries page. A confirmation will also be mailed to you. When you receive this confirmation, please keep it with your policy as record of receipt. Allow for sufficient processing and mail time to receive your confirmation.
How do I name a trust I have established or a trust that will be established as part of my Last Will and Testament, as a beneficiary?
Include the name of the trust, the name and address of the current trustee, and the date of the trust. If it is a trust to be established as part of your will, it should be identified as the “Trust established under the Last Will and Testament of (Testators
name)”, dated (date of Will).
What does primary and contingent mean?
A primary beneficiary is the first in line to receive the proceeds. In the event that all of your named primary beneficiaries are no longer living at the time of the insured’s death, the proceeds would then go to the contingent beneficiaries you have named.
What happens if I don’t name a valid beneficiary or if all my of my beneficiaries precede me in death?
Proceeds will be paid out according to the policy/contract provisions, or if not stated in the policy/contract, to the insured’s estate.
What if my children are minors when I die?
For IRAs, SEP-IRAs, Roth IRAs and qualified retirement plans, a minor beneficiary is an Eligible Designated Beneficiary (EDB). As an EDB, a minor beneficiary may elect lifetime payments, life expectancy payments or to receive all proceeds within 10 years of the IRA owner's death. A minor beneficiary ceases to be an EDB as of the date the individual reaches the age of majority. If the minor beneficiary elected lifetime payments or life expectancy payments, the 10 year rule applies and the remaining interest in the deceased owner's IRA or qualified retirement plan must be distributed within 10 years of reaching the age of majority. If the minor beneficiary elected the 10 year rule, the proceeds must be distributed within 10 years of the IRA owner's death.
For non-qualified plans, proceeds payable to a beneficiary who is a minor child will be held in an interest-bearing account by the company until the minor attains legal age, or paid to a court-appointed financial guardian authorized to receive payment on behalf of the minor.
NOTE: There are questions as to the definition of age of majority for which further guidance is required.
What is a disinterested witness?
If you are a resident of the state of Massachusetts, a person of age 18 and who is not named as owner, insured, or beneficiary, is required by law to witness the owner signing the form, then sign the form themselves.
What is an irrevocable beneficiary?
If a beneficiary is designated as “irrevocable”, the beneficiary designation cannot be changed nor can any other changes be made to the policy without the consent of the irrevocable beneficiary. We recommend against naming an irrevocable beneficiary unless you are required to do so for some specific purpose. To make an irrevocable beneficiary designation, please mark this on the Change of Beneficiary Request Form.
What is per stirpes?
If a named beneficiary is no longer living at the time of the insured’s death, the proceeds payable to that beneficiary would be divided between the children of that beneficiary. If you wish to designate a beneficiary as per stirpes, please mark this on the Change of Beneficiary Request Form.