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BENEFICIARY DESIGNATION CARD SSR Insurance Company Inc. 2020 University Street, Suite 1800, Montreal, Quebec H3A 2A5 RESET Policy number name of group INSURED I Mr. I Mrs. Last name first name BENEFICIARY

How to fill out beneficiary designation card

How to fill out a beneficiary designation card?

1. Obtain the beneficiary designation card: Contact your insurance company, retirement plan, or financial institution to request a beneficiary designation card. They will guide you through the process and provide you with the necessary form.
2. Fill in personal information: Start by providing your full name, address, and contact information. Ensure that all details are accurate and up to date.
3. Identify the account or policy: Specify the account or policy for which you are designating a beneficiary. This could be a life insurance policy, retirement account, or investment account.
4. Choose your primary beneficiary: Indicate the full name, relationship to you, and contact information of the person you want to designate as your primary beneficiary. It could be a spouse, child, or any other individual who you wish to receive the benefits upon your passing.
5. Specify contingent beneficiaries: If your primary beneficiary predeceases you or is unable to receive the benefits for any reason, you can name contingent beneficiaries. These individuals will receive the benefits if the primary beneficiary cannot.
6. Consider percentages or shares: Decide whether you want to assign equal percentages or specific shares to your beneficiaries. For example, you may choose to distribute 50% of the benefits to your spouse and divide the remaining 50% equally among your two children.
7. Review and sign the designation card: Carefully review all the information you have provided on the beneficiary designation card. Ensure there are no errors or missing details. Once you are satisfied, sign and date the card.
8. Notify your beneficiaries: Inform your chosen beneficiaries about their designation, so they are aware of their role and can make necessary arrangements if the benefits are ever paid out to them.

Who needs a beneficiary designation card?

1. Individuals with life insurance policies: If you have a life insurance policy, having a beneficiary designation card is crucial. It allows you to designate who will receive the death benefit when you pass away.
2. Retirement account holders: Those who have retirement holdings, such as 401(k), IRA, or pension plans, should have a beneficiary designation card. This ensures that the retirement funds go to the intended beneficiary upon your death.
3. Investment account holders: If you hold investment accounts, like brokerage or mutual fund accounts, having a beneficiary designation card is important. It helps determine who will inherit your investment assets after you pass away.

In summary, filling out a beneficiary designation card involves acquiring the form, providing personal information, specifying the account or policy, designating primary and contingent beneficiaries, considering percentages or shares, reviewing and signing the card, and notifying beneficiaries. This card is essential for individuals with life insurance policies, retirement accounts, or investment accounts.

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What is beneficiary designation card?

The beneficiary designation card is a form that allows an individual to specify who will receive their assets or benefits in the event of their death.

Who is required to file beneficiary designation card?

Individuals who have assets or benefits that require a beneficiary designation are required to file a beneficiary designation card.

How to fill out beneficiary designation card?

To fill out a beneficiary designation card, an individual must provide their personal information, the name of the beneficiary, and the percentage of the assets or benefits that the beneficiary will receive.

What is the purpose of beneficiary designation card?

The purpose of a beneficiary designation card is to ensure that an individual's assets or benefits are distributed according to their wishes in the event of their death.

What information must be reported on beneficiary designation card?

The beneficiary designation card must include the individual's personal information, the name of the beneficiary, and the percentage of the assets or benefits that the beneficiary will receive.