How to Change the Beneficiary on a Life Insurance Policy

At some point, it may become necessary to update your life insurance policy's beneficiary designations. The birth of a child, marriage, divorce, and death are all common reasons to amend the beneficiary list and distribution percentages on your life insurance policy. Changing beneficiaries is a relatively simple process.

Instructions

1. Examine your current beneficiary designations to ensure that an adjustment is appropriate and necessary.

2. Obtain the Beneficiary Designation Form from your life insurance company. If you have an agent or broker, call his office and request the form; otherwise contact the insurance company's customer service department.

3. Determine appropriate percentage splits for your beneficiaries. Decide how much of your death benefit that each person should get.

4. Fill out the Beneficiary Designation Form completely. Make sure to include each person's full name, birthdate, and Social Security number.

5. Submit the completed form to your agent, broker, or the insurance company's customer service department.

Tips & Warnings

• Review your beneficiary designations on a regular basis to make sure your choices and allocations are still in line with your estate planning goals.

• Beneficiary designations are considered a part of the life insurance contract and are not superseded by estate planning documents like a Last Will and Testament.

References

• Naming Your Life Insurance Beneficiary
• Can you dispute a life insurance beneficiary?