Guide · Beneficiaries · 3 min read
How beneficiary changes work
Your beneficiary is the person, or people, who receive the death benefit. Only the policy owner can name or change them, and the change is made through the insurer.
Speak with a licensed agent by phone. The call costs nothing, and you never have to buy.
Who can make the change
The policy owner signs the request. Often the owner and the insured person are the same, but not always. If you own the policy, your insurer can usually send you a beneficiary change form, and some let you do it in your online account.
If someone was named as an irrevocable beneficiary, that person may need to agree in writing before anything can be changed.
Primary and contingent beneficiaries
A primary beneficiary is first in line. A contingent beneficiary receives the benefit if no primary beneficiary is living. You can name more than one person at each level and give each a share, such as half and half.
Full legal names, dates of birth, and current contact details make it easier for the insurer to find the right person later.
After you send the form
The new choice usually counts once the insurer records it. Ask for written confirmation and keep it with your papers. In many cases the beneficiary on file with the insurer is who gets paid, even if a will says something different. Laws vary by state, so ask your insurer or an attorney if you are unsure.
What to ask your insurer
- Who is listed as my beneficiary right now?
- Which form do I need, and can I submit it online?
- Is any beneficiary on my policy irrevocable?
- Will you send written confirmation once it is recorded?
Want someone to go over it with you?
A call puts you through to a licensed agent. The call is free, and agents earn a commission only if you choose to buy.
Call (XXX) XXX-XXXXThis guide gives general information and does not address your own policy. Your contract and your insurer decide what applies to you.