How to Change Beneficiaries in Term Life Insurance
Life insurance proceeds are paid immediately to the beneficiaries upon the death of the insurance holder. Choosing a beneficiary or beneficiaries is an important process. You need to be specific about whom you want as a beneficiary. You'll need to name each beneficiary specifically (for example, do not put the "Children of John and Sue Anderson") and include exactly what share of the insurance she should receive. Changing a beneficiary is a simple process; here is the paperwork you should fill out.
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Instructions
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Go to the website of your life insurance company and log in to your account. Every life insurance company has a different setup, but you should look for a link that reads something similar to "Make changes to your policy" or "Beneficiary information."
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Print out the Beneficiary Designation form and fill it out. The form will ask you for your insurance policy number and your social security number.
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Fill out the section titled "Primary Beneficiaries." You need to list the beneficiary's full name, address, social security number and relationship to the insured.
If you want to name an estate as the beneficiary, state specifically whose estate, such as the "Estate of the Insured."
If you list more than one beneficiary, specify whether you want each beneficiary to split the insurance equally (for example "Sue Anderson, wife, and Jane Anderson, daughter, in equal shares, or the survivor").
You can choose to make the beneficiary irrevocable, meaning the beneficiary cannot be removed from the policy without his or her consent. This would be common in a court settlement. -
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Fill out the section titled "Secondary or contingent beneficiaries" in case the insurance holder outlives the primary beneficiaries. You should fill this out the same way as the primary beneficiary.
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Make a copy of the completed form and send it to your insurance company. The company might require you to send copies of all previous beneficiary changes and a copy of your life insurance enrollment form.
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