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Change of Beneficiary American General Life Insurance Company (AGL) AIG Life Insurance Company AIG Life Insurance Company of Puerto Rico Member companies of American International Group, Inc. Fixed
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What is change of beneficiary?
Change of beneficiary is a legal process that allows the owner of a policy or account to designate a new person or entity to receive the proceeds or benefits in the event of their death.
Who is required to file change of beneficiary?
The owner of a policy or account is required to file a change of beneficiary if they wish to update the designated recipient of the proceeds or benefits.
How to fill out change of beneficiary?
To fill out a change of beneficiary form, the owner of the policy or account needs to provide their personal information, the current beneficiary's information, and the information of the new desired beneficiary. This form is typically provided by the insurance company or financial institution.
What is the purpose of change of beneficiary?
The purpose of change of beneficiary is to ensure that the proceeds or benefits of a policy or account are directed to the intended recipient specified by the owner. This allows for the flexibility to update the beneficiary designation as circumstances change.
What information must be reported on change of beneficiary?
The change of beneficiary form typically requires the owner to report their personal information (name, address, etc.), the name and contact details of the current beneficiary, and the name and contact details of the new desired beneficiary.
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