Life Insurance FAQs - Beneficiary
What is a beneficiary?
The beneficiary is the party that receives the proceeds from the policy upon the
death of the insured. Therefore, the insured can never be the beneficiary.
Who is the beneficiary of my life insurance policy?
You may call our Customer Service Center
to confirm the names of your beneficiary(ies). If immediately available, the
information will be provided to you after you answer a few questions proving
your identity as the policy owner.
In some cases, we may be required to return your call with the information after
our records have been reviewed.
What is a beneficiary class?
The beneficiary class allows the owner to assign an order to who will receive
the life insurance proceeds upon the death of the insured.
-
Primary Beneficiary - If living at the time of the insured's death, the first
person(s) to receive claim proceeds.
-
Secondary Beneficiary - If all Primary beneficiaries are deceased at the time
of the insured's death, then the secondary beneficiaries will receive the claim
proceeds.
-
Tertiary Beneficiary - If all Primary and Secondary beneficiaries are deceased
at the time of the insured's death, then the Tertiary beneficiaries will
receive the claim proceeds.
If all designated beneficiaries are deceased at time of the insured's death,
then the claim proceeds will be paid to the Estate of the insured.
How do I change the beneficiary on my life insurance policy?
Complete the Change of Beneficiary section of a
Policy Change Request Form. Assign the beneficiary class and split
percentage. All policies must have a Primary beneficiary class listed before a
Secondary, and subsequently, a Tertiary class can be added. The total split
percentage for each class must equal 100%.
Mail the completed and signed form to our
Customer Service Center. Changes are effective on the date of receipt
at our home office.
We will send confirmation of your beneficiary change to you at your address of
record.
Can I add or remove a beneficiary from my current beneficiary
designation?
Yes, but you must submit a complete listing of your beneficiaries that
you want to receive the claim proceeds, not just the additions or deletions.
Each change of beneficiary received replaces any previous designations that were
made.
