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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. Begin by obtaining the necessary forms. Typically, primary beneficiary designation forms can be obtained from your financial institution, insurance company, or retirement plan administrator.
2. Carefully review the form and instructions. Make sure you understand the purpose of the form and the information it requires. It is important to provide accurate and up-to-date information.
3. Start by providing your personal information. This may include your full name, social security number, address, and contact details. Ensure that the information provided is accurate and matches the records of the institution or company.
4. Identify the primary beneficiary. Indicate the individual or individuals whom you want to name as your primary beneficiaries. You will typically need to provide their full names, social security numbers, relationship to you, and their contact information.
5. Specify the percentage of the benefits each primary beneficiary should receive. If you have multiple primary beneficiaries, you may need to allocate the benefits among them, either in equal shares or as specified by you. Ensure that the total percentage distribution adds up to 100%.
6. Consider contingent beneficiaries. A contingent beneficiary is someone who would receive the benefits if the primary beneficiaries are unable to receive them. It is wise to designate contingent beneficiaries as a backup plan. If applicable, provide their full names, social security numbers, and contact information.
7. Review and sign the form. Carefully go through all the information you have provided to ensure its accuracy. Once you are satisfied, sign and date the form as required. Keep a copy of the completed form for your records.

Who needs primary beneficiary designation:

1. Anyone who has a retirement account, life insurance policy, annuity, or another financial instrument that allows the naming of beneficiaries will need to complete a primary beneficiary designation. It ensures that the designated individuals receive the benefits in the event of the account holder's death.
2. Married individuals may want to designate their spouse as the primary beneficiary. This ensures that the spouse receives the benefits without complications.
3. Individuals with children may want to designate their children as primary beneficiaries. This ensures that the benefits are passed on directly to their children if they pass away.
4. Unmarried individuals without children may choose to designate a sibling, parent, or close friend as the primary beneficiary. It is essential to think carefully about who you want to receive the benefits and update the designation if your circumstances change.
5. Business owners may want to designate a partner or a key employee as the primary beneficiary to ensure business continuity in the event of their passing.

Remember, it is crucial to regularly review and update beneficiary designations if your circumstances change, such as marriage, divorce, birth of a child, or the death of a beneficiary.

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What is primary beneficiary designation?

Primary beneficiary designation is a legal document that specifies who will receive the benefits of a financial account or insurance policy upon the death of the account holder or policyholder.

Who is required to file primary beneficiary designation?

Individuals who have financial accounts or insurance policies that allow for a primary beneficiary designation are required to file this document.

How to fill out primary beneficiary designation?

Primary beneficiary designation forms can typically be obtained from the financial institution or insurance company managing the account or policy. The form will require the name, contact information, and relationship to the account holder or policyholder of the designated beneficiary.

What is the purpose of primary beneficiary designation?

The purpose of primary beneficiary designation is to ensure that assets or benefits are distributed according to the account holder's or policyholder's wishes in the event of their death.

What information must be reported on primary beneficiary designation?

Primary beneficiary designation forms typically require the beneficiary's full name, address, date of birth, and relationship to the account holder or policyholder.