You can generally change the beneficiary on your life insurance policy at any time and as often as you wish, assuming you are the owner of the policy. However, your life insurance company may require that you meet certain conditions or make specific actions when you change the beneficiary.
When you applied for the insurance, you may have made the beneficiary designation irrevocable. This means the beneficiary cannot be changed without the consent of that same beneficiary. The policy itself will indicate whether or not a beneficiary is irrevocable.
The best way to change the beneficiary is to call your life insurance agent, who will help you fill out a form indicating the new primary beneficiary. Although the primary beneficiary has first right to receive the proceeds from the policy, you may declare as many people as you want to be your primary beneficiaries. If you indicate more than one, each will share the proceeds according to your stated wishes.
If you cannot reach your life insurance agent, contact your life insurance company’s nearest branch office or its home office. A contact number for the company is usually listed on your premium statement, and most companies have toll-free numbers listed in directory assistance. If you can’t find a phone number or address, another option is to contact your property and casualty insurance agency. Many of these agencies have a life insurance professional on staff or know someone who can help you.
If you have questions or need assistance, contact the experts at Henssler Financial:
- Experts Request Form
- Email: experts@henssler.com
- Phone: 770-429-9166
Disclosures: The following information is reprinted with permission from Forefield, a division of Broadridge Financial Solutions, Inc. This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
