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How do I change the beneficiary on my life insurance policy?

Last Updated: 12/15/2011 09:03 AM

Changing the beneficiary on a life insurance policy is not a complicated process under most circumstances. The one exception to this rule of simplicity is when the life insurance policy was written with an irrevocable beneficiary, but even then it is possible to change the beneficiaries, as you will see. In most cases, you can change the beneficiary by simply contacting your insurance company using the toll-free number included on the premiums invoice. Your signature will be required, but as long as the policy is up to date and written in your name, changing the beneficiary is a simple matter of completing a form.

If you set the pol,icy up to have an irrevocable beneficiary, then you cannot change the beneficiary without having the written consent of the person who was originally named in the policy. The process is still relatively simple, but the insurance company requires your signature as well as that person’s. Contact your insurance agent or the customer service department of the insurance company, explain to them what your situation is, and they will tell you the fastest, easiest way to get the changes made.,

If the beneficiary was not set up to be irrevocable, you can change the named person or persons by contacting your insurance agent or the customer service department and requesting a change of beneficiary form. Once the form is filled out and submitted to the insurance company, the change will go into effect.

Every life insurance policy must have at least one primary beneficiary, but it can have multiple primaries. If more than one person is named as the primary beneficiary, then all parties will share the pay out of the policy equally, or receive shares of the po9licy as you have defined in the policy. Whether or not to detail how the money is to be divided up is your choice, giving you the option of specifying multiple primary beneficiaries but allotting a higher portion of the money to one person over the others.

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