How to Change the Beneficiary Name on an Insurance Policy

Protect your family by updating your insurance benificiary designation.

Life can change in an instant. You carry life insurance to protect your loved ones when you die, so it's important to keep your life insurance beneficiaries up to date. Frequent reasons people change the beneficiary name on their insurance policies include life events such as they get married, get divorced or their current beneficiary dies. The procedure to change the name of your beneficiary generally isn't difficult, but the requirements differ among insurers. According to Insurance.com, some companies attach an endorsement to your policy to show the new beneficiary change.

Things You'll Need

• Beneficiary change form

Instructions

1. Obtain a beneficiary change form from your insurer. Call your insurer's customer service number to ask questions about the process and to request the form. Some insurers post their forms online.

2. Complete the form and double-check it for accuracy. Provide your policy number and your Social Security number.

3. Enter your new beneficiary's name, Social Security number, address and your relationship to the new beneficiary. If you name more than one beneficiary, designate a percentage of the proceeds you want each beneficiary to receive. It's a good idea to name a contingent beneficiary.

4. Sign the completed form and ask witnesses to add their signatures. Notarize all the signatures. Witnesses add weight to your new beneficiary designation if someone disputes your beneficiary's claim on the proceeds.

5. Submit the beneficiary change form to your insurer. When you receive a confirmation of the change, attach it to your policy. If you do not receive confirmation, contact your insurer.

Tips & Warnings

• Your attorney can advise you about naming a trust as your beneficiary. Trusts can protect the interests of your minor children. An attorney can give you an overview of solutions you can incorporate into your insurance planning.

• Changing your beneficiaries in your will does not change your insurance beneficiaries. Your insurance will pay proceeds to the beneficiary named on the most recent beneficiary form.

• If you named an irrevocable beneficiary on your policy, you may need to obtain that person's permission to name a new beneficiary.

References

• Insurance.com: How do I change the beneficiary on my life insurance policy?
• Insure.com: Can you dispute a life insurance beneficiary?

Resources

• LawInfo: How to Change a Life Insurance Beneficiary