How do I update my beneficiary?

You simply need to contact your insurer and request a change of beneficiary form and fill out the form accurately and completely. Make sure to spell out the complete names of all your beneficiaries and provide their Social Security numbers to facilitate payout of benefits in the event of your death.

Can you change beneficiary online?

You can change the beneficiaries of your life insurance by contacting your insurance company. You’ll need to submit a change of beneficiary form online, on paper, or over the phone.

What is a beneficiary designation form?

A beneficiary is the person or entity named in a life insurance policy, retirement plan or health savings account. This is the person that receives the benefit upon death. The beneficiary designation on file at the time of death is binding in the payment of your benefits.

Can I have two primary beneficiaries?

More than one primary beneficiary can be named, with the grantor able to direct particular percentages to each. If the primary beneficiary is no longer alive or able to collect, a contingent beneficiary may also be named.

How to get a life insurance beneficiary designation?

Instead of waiting for a copy of a designation of beneficiary (if any), you may wish to simply submit a new form. That form will take precedence over any FEGLI designation form on file, as long as you sign it, have two witnesses sign, and complete the rest of the form properly.

Do you have to update your life insurance beneficiary?

Updating your life insurance beneficiary is one of those tasks you always mean to do but always put off, like cleaning out your junk drawer or matching up your mate-less socks. Failure to do these tasks will have consequences, but nothing dire.

When to remind employees to update their beneficiary information?

When an employee contacts you about a benefit change, it’s usually prompted by a life event (birth, adoption, marriage, death in the family, and divorce/annulment). This is a good time to have the employee update their beneficiary information if necessary.

What happens to life insurance when a beneficiary dies?

That form will take precedence over any FEGLI designation form on file, as long as you sign it, have two witnesses sign, and complete the rest of the form properly. For more information on who will receive life insurance proceeds when an insured person dies, please check out our FAQ pages. Are Your Designations of Beneficiary Current?