Life Insurance Details - Beneficiaries

You are required to choose your life insurance beneficiaries when you purchase a life insurance plan. The people or entities named on the policy receive the proceeds in the event of your death. Here are some information you need to know when designating the inheritors and signing the papers.

Naming of the Beneficiaries

As a life insurance policyholder, you are given the absolute right to name your beneficiaries. They can be the members of your family such as your spouse, children, relatives, or even your friends. You can also designate your estate or a trust as the death benefits recipient. Moreover, you can choose one or more beneficiaries if so desired. You are also entitled to specify the secondary beneficiaries in case the people enumerated as primary beneficiaries die first before you.

Required Beneficiaries Information

The insurance company will ask you to provide the basic information of the people or entities receiving the death proceeds. This will be included in the policy that you are going to sign.

  • Individual beneficiaries - full name, date of birth, Social Security Number (SSN), address, relationship
  • Trust - name of the trust, name, address, and SSN of trustees, date trust was created
  • Estate - Generally, you are only required to write the word "estate" on the form. Your legal representative will take care of the benefits upon your death.
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