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Return completed forms to: CHINA Customer Service Center P.O. Box 9279 Des Moines, IA 503069279 Phone: 1.866.486.1943 Fax: 1.515.365.1520 BENEFICIARY DESIGNATION FORM Life Insurance Company of North

How to fill out beneficiary designation form

How to fill out beneficiary designation form:

1. Start by obtaining the form: The beneficiary designation form can be obtained from the relevant financial institution or insurance company. It is usually available on their website or can be requested from their customer service.
2. Provide personal information: Fill in your personal details accurately, including your full name, address, date of birth, and social security number. Double-check this information for accuracy.
3. Specify the beneficiaries: Clearly indicate the beneficiaries by providing their full names, addresses, and their relationship to you (e.g., spouse, child, sibling, etc.). You may also need to provide their social security numbers or other identification details as required.
4. Allocate percentages or specify amounts: Determine how you want the assets or insurance proceeds to be distributed among the beneficiaries. You can allocate a specific percentage to each beneficiary, or you can choose to specify fixed amounts for each beneficiary.
5. Identify primary and contingent beneficiaries: Designate primary beneficiaries who will receive the assets or insurance proceeds initially. Also, consider naming contingent beneficiaries who would receive the assets if the primary beneficiaries cannot be located or have passed away.
6. Consider special instructions: If you have any special instructions regarding the distribution of your assets or insurance proceeds, such as conditional bequests or charitable donations, provide clear details in the designated section of the form.
7. Review and sign: Carefully review all the information provided on the form to ensure accuracy. Make sure to sign and date the completed form. Some forms may require witnesses or notarization, so follow the instructions accordingly.

Who needs a beneficiary designation form:

1. Those with life insurance policies: Life insurance policyholders typically need to designate beneficiaries who will receive the death benefit if the insured individual passes away.
2. Retirement account holders: Individuals with retirement accounts, such as 401(k), IRA, or pension plans, are required to name beneficiaries who will inherit these assets after their death.
3. Investment accounts with transfer-on-death (TOD) designation: Some investment accounts allow individuals to designate beneficiaries who will inherit the account assets upon their death without going through probate.
4. Payable-on-death (POD) bank accounts: Banks may provide POD accounts where account holders can designate beneficiaries who will receive the funds directly upon their death.

Note: It is essential to regularly update your beneficiary designation forms whenever there are changes in your personal circumstances, such as marriage, divorce, birth of children, or the death of a beneficiary, to ensure your assets are distributed as per your wishes.

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What is beneficiary designation form?

The beneficiary designation form is a legal document used to specify who will receive the assets of a retirement account or life insurance policy upon the account holder's death.

Who is required to file beneficiary designation form?

Any individual who has a retirement account or life insurance policy with designated beneficiaries is required to fill out a beneficiary designation form.

How to fill out beneficiary designation form?

To fill out a beneficiary designation form, one must provide their personal information, the details of the designated beneficiaries, and specify the percentage of the assets each beneficiary will receive.

What is the purpose of beneficiary designation form?

The purpose of the beneficiary designation form is to ensure that the assets of a retirement account or life insurance policy are distributed according to the account holder's wishes after their death.

What information must be reported on beneficiary designation form?

The beneficiary designation form must include the account holder's personal information, the names and relationships of the designated beneficiaries, and the percentage of assets each beneficiary will receive.