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Metropolitan Life Insurance Company BENEFICIARY DESIGNATION Please read Instructions on next page before completing this form. Do not erase or attempt to make corrections; use a new form. Name of

How to fill out primary beneficiary designation

How to fill out primary beneficiary designation:

1. Locate the primary beneficiary designation form: The first step is to find the appropriate form that allows you to designate primary beneficiaries for your specific financial asset or account. This form can usually be obtained from the financial institution or insurer holding the asset.
2. Provide personal information: Start by filling out your personal information accurately. This typically includes your full name, date of birth, social security number, and contact information. It is important to double-check this information for accuracy.
3. Identify the primary beneficiaries: Clearly identify the primary beneficiaries by providing their full names, relationships to you (such as spouse, child, etc.), and their contact information. Specify the percentage or portion of the asset that each beneficiary should receive upon your passing.
4. Consider contingent or secondary beneficiaries: While not always required, it is wise to designate contingent or secondary beneficiaries who would inherit the asset if the primary beneficiaries are unable to do so. Follow the same process as step 3 to provide the necessary information for these beneficiaries.
5. Review and sign the form: Carefully review all the information you have entered on the form. Ensure that it is accurate and reflects your intentions. Once satisfied, sign and date the form accordingly.

Who needs primary beneficiary designation:

1. Individuals with financial assets: Anyone who owns financial assets such as life insurance policies, retirement accounts, investment accounts, or bank accounts may need to designate primary beneficiaries. This ensures that upon their passing, these assets are transferred to the intended recipients.
2. Individuals with dependents or beneficiaries: If you have dependents or individuals who rely on your financial support, it is crucial to designate primary beneficiaries. This ensures that financial assets are distributed to the intended individuals, providing them with the necessary resources after your passing.
3. Anyone wanting control over asset distribution: By designating primary beneficiaries, you can have control over who will inherit your financial assets. This allows you to ensure that your assets are passed to the individuals you choose, rather than being subject to default rules or legal processes.

Overall, filling out a primary beneficiary designation involves providing personal information, identifying beneficiaries, and reviewing and signing the form. It is important for individuals with financial assets and beneficiaries to consider completing this process to ensure their assets are distributed according to their wishes.

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What is primary beneficiary designation?

Primary beneficiary designation is the selection of an individual or entity who will receive the assets of a financial account or insurance policy upon the death of the account holder or policy holder.

Who is required to file primary beneficiary designation?

The account holder or policy holder is required to file primary beneficiary designation.

How to fill out primary beneficiary designation?

Primary beneficiary designation can typically be filled out on forms provided by the financial institution or insurance company, specifying the name, relationship, and percentage of assets to be allocated to each beneficiary.

What is the purpose of primary beneficiary designation?

The purpose of primary beneficiary designation is to ensure that the assets of a financial account or insurance policy are distributed according to the wishes of the account holder or policy holder upon their death.

What information must be reported on primary beneficiary designation?

Primary beneficiary designation typically requires the name, relationship, and percentage of assets to be allocated to each beneficiary.