Beneficiaries and Policy Changes – Policyholder Services

Beneficiaries and Policy Changes


Beneficiaries
You may change the beneficiaries in your policy at any time while your policy is effective:
1. Main Beneficiaries:
  • They are designated when the application is submitted.
  • You may designate one or more Main Beneficiaries. At least one is required.
  • You need to provide the company with the beneficiary’s full name, date of birth, and relationship to you. You will also need to enter the percentage of the total benefit that will go to that beneficiary (the total for all beneficiaries must equal 100%).
  • If one of the Main Beneficiaries is deceased by the time the Insured dies, the policy benefit will be distributed among the surviving beneficiaries.
  • You may provide Special Instructions in case you would like a different distribution.
  • Beneficiaries can be changed at any time during the life of the policy.
2. Contingent Beneficiaries:
  • These beneficiaries are optional.
  • They are designated when the application is submitted.
  • You may designate one or more Contingent Beneficiaries.
  • You need to provide the company with the beneficiary’s full name, date of birth, and relationship to you. You will also need to enter the percentage of the total benefit that will go to that beneficiary (the total for all beneficiaries must equal 100%).
  • If all Main Beneficiaries are deceased by the time the Insured dies, the policy benefit will be distributed among the Contingent Beneficiaries.
  • You may provide Special Instructions in case you would like a different distribution.
  • Beneficiaries can be changed at any time during the life of the policy.
Important:
  • Benefits cannot be paid to minors. If a minor is the designated beneficiary, the benefit will be issued to his/her legal representative for the benefit of the minor.
  • Beneficiaries may be an Individual or a Company.