Get the free Group Life Insurance Beneficiary Statement

This document is a beneficiary claim form for group life insurance, detailing the process for submitting a claim, required documentation, and options for receiving benefit payments.

How to fill out group life insurance beneficiary

How to fill out Group Life Insurance Beneficiary Statement

1. Obtain the Group Life Insurance Beneficiary Statement form from your employer or insurance provider.
2. Read the instructions carefully to understand the sections of the form.
3. Fill in your personal information, including your full name, policy number, and contact details.
4. Identify and list your primary beneficiaries, including their names, relationship to you, and contact information.
5. If desired, list contingent beneficiaries who will receive benefits if the primary beneficiaries are unable to do so.
6. Review the completed form for accuracy and completeness.
7. Sign and date the form in the designated area.
8. Submit the form to your employer's HR department or the insurance company as instructed.

Who needs Group Life Insurance Beneficiary Statement?

1. Employees covered by a group life insurance policy.
2. Individuals wishing to designate beneficiaries for their life insurance benefits.
3. Family members or dependents of employees who rely on life insurance for financial protection.

People Also Ask about

How to fill out a beneficiary form for life insurance?

Most beneficiary designations will require you to provide a person's full legal name and their relationship to you (spouse, child, mother, etc.). Some beneficiary designations also include information like mailing address, email, phone number, date of birth and Social Security number.

How to list beneficiaries on life insurance?

The application you fill out to apply for a life insurance policy will have an area where you are asked to write the name of your beneficiary (or “names” if you want more than one beneficiary). After the insurance company approves your policy and it goes into effect, your beneficiary is set.

Who should I not name as a beneficiary?

Estranged relatives or former spouses – Family relationships can be complicated, so think carefully if an estranged relative or ex-spouse really aligns with your wishes. Pets – Pets can't legally own property, so naming them directly as beneficiaries is problematic.

Should my beneficiary be my husband or child?

More often than not, people select their spouse as their primary beneficiary, and then name their children as contingent, or secondary, beneficiaries. However, the age of your children will likely come into play here.

Do beneficiaries pay taxes on group life insurance?

Answer: Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includable in gross income and you don't have to report them. However, any interest you receive is taxable and you should report it as interest received.

What is a beneficiary statement?

A statement supplied by a lender for purposes of verifying the loan balance, present status, and terms of the loan.

Who is the beneficiary of a group life insurance?

The beneficiary may be a relative, a friend, an acquaintance, a trust or a charity. The employee can change the beneficiary at any time without the consent of the beneficiary unless they have completed an assignment (if permitted by the policy) or an irrevocable beneficiary designation.

How to fill out a life insurance beneficiary form?

Most beneficiary designations will require you to provide a person's full legal name and their relationship to you (spouse, child, mother, etc.). Some beneficiary designations also include information like mailing address, email, phone number, date of birth and Social Security number.

For pdfFiller’s FAQs

What is Group Life Insurance Beneficiary Statement?

The Group Life Insurance Beneficiary Statement is a document that records the beneficiaries designated to receive the death benefits from a group life insurance policy in the event of the insured individual's death.

Who is required to file Group Life Insurance Beneficiary Statement?

Typically, the insured individual covered under a group life insurance policy is required to file the Group Life Insurance Beneficiary Statement to designate their chosen beneficiaries.

How to fill out Group Life Insurance Beneficiary Statement?

To fill out a Group Life Insurance Beneficiary Statement, the insured should provide their personal information, list the names and relationships of the chosen beneficiaries, and sign the form to validate their selections.

What is the purpose of Group Life Insurance Beneficiary Statement?

The purpose of the Group Life Insurance Beneficiary Statement is to ensure that the insurance benefits are distributed according to the wishes of the insured individual, thereby eliminating any ambiguity in beneficiary designations.

What information must be reported on Group Life Insurance Beneficiary Statement?

The information that must be reported includes the insured individual’s full name, policy number, beneficiary names, their relationships to the insured, and the percentage of benefits allocated to each beneficiary.