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This form is used to designate beneficiaries for life benefits under a group benefits plan with Great-West Life Assurance Company. It includes sections for general enrollment information, beneficiary
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How to fill out beneficiary designation
How to fill out Beneficiary Designation
01
Obtain the Beneficiary Designation form from your financial institution or insurance provider.
02
Read the instructions carefully to understand what information is required.
03
Provide your personal information, including your name, address, and account number.
04
List the beneficiaries you wish to designate, including their names, relationships to you, and contact information.
05
Specify the percentage of benefits each beneficiary will receive, ensuring the total equals 100%.
06
If applicable, include contingent beneficiaries in case the primary beneficiaries cannot receive the benefits.
07
Review the form to ensure all information is accurate and complete.
08
Sign and date the form, witnessing it if required by your institution.
09
Submit the completed form to your financial institution or insurance provider, and keep a copy for your records.
Who needs Beneficiary Designation?
01
Anyone with a life insurance policy, retirement account, or investment account should have a Beneficiary Designation.
02
Parents who want to ensure their children receive financial assets in the event of their passing.
03
Individuals wanting to designate a partner, spouse, or other loved ones to inherit their assets.
04
People looking to avoid probate for their assets and facilitate a smoother transfer of wealth.
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People Also Ask about
What is the designation of a beneficiary?
Meaning of beneficiary in English. a person or group who receives money, advantages, etc. as a result of something else: Her wife was the chief beneficiary of her will.
Does beneficiary mean recipient?
A beneficiary is simply the recipient of money or other benefits.
What does it mean when it says beneficiary name?
A beneficiary is the person or entity that you legally designate to receive the benefits from your financial products. For life insurance coverage, that is the death benefit your policy will pay if you die. For retirement or investment accounts, that is the balance of your assets in those accounts.
What does beneficiary name translate to in English?
In estate planning, a beneficiary is any person or entity you designate to receive an asset after you're gone. Naming beneficiaries is an integral part of several different estate planning elements, including: A will. Life insurance policies. Qualified retirement plans, including any 401(k), 403(b) and pensions.
What is the meaning of beneficiary name in English?
1. a person or group that receives benefits, profits, or advantages. 2. a person designated as the recipient of funds or other property under a will, trust, insurance policy, etc. 3.
Is the beneficiary name the bank name?
Additional tips for creating wires: • “beneficiary” is the person/entity you are sending the wire to. “beneficiary bank” or “beneficiary FI (financial institution)” is the final bank you are sending the wire to.
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What is Beneficiary Designation?
Beneficiary designation is the process of naming individuals or entities to receive benefits or assets from a financial account, insurance policy, or retirement account upon the owner's death.
Who is required to file Beneficiary Designation?
Individuals who hold financial accounts, life insurance policies, and retirement accounts are typically required to file a beneficiary designation to ensure their assets are distributed according to their wishes.
How to fill out Beneficiary Designation?
To fill out a beneficiary designation, one must complete the appropriate form provided by the financial institution or insurance company, which includes providing the names, contact information, and relationship of the beneficiaries.
What is the purpose of Beneficiary Designation?
The purpose of a beneficiary designation is to specify who will receive the assets automatically and directly upon the owner's death, bypassing probate and ensuring a quicker distribution.
What information must be reported on Beneficiary Designation?
The information typically reported on a beneficiary designation includes the beneficiary's full name, date of birth, Social Security number, relationship to the owner, and sometimes their contact information.
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