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Click here to clear page Symmetry Life Insurance Company 777 108th Avenue NE, Suite 1200 Bellevue, WA 98004-5135 Mailing Address: Symmetry Life Insurance Company PO Box 7902 London, KY 40742-7902

How to fill out change of beneficiary

How to fill out change of beneficiary?

1. Gather required information: Before starting the process, you will need the necessary information for the change of beneficiary. This may include the current policyholder's name, policy number, and the new beneficiary's full legal name, address, and contact details.
2. Obtain the necessary forms: Contact the insurance company or financial institution that holds the policy to request the appropriate change of beneficiary forms. They may provide these forms online, via mail, or at their local office. Ensure you have the correct and most up-to-date version of the forms.
3. Read and understand the instructions: Carefully read through the instructions provided with the change of beneficiary forms. Make sure you understand the requirements, any specific guidelines, and any limitations or restrictions that may apply.
4. Complete the forms accurately: Fill out the forms accurately, providing the required information about the current policyholder and the new beneficiary. Double-check the spellings and contact details to avoid any future complications. If multiple beneficiaries need to be designated, clearly indicate their shares or percentages, if applicable.
5. Seek legal help, if necessary: In more complex cases, involving trusts, legal issues, or significant assets, it may be advisable to consult with an attorney specializing in estate planning or insurance law. They can provide guidance and ensure your change of beneficiary is done correctly and in accordance with your specific circumstances.
6. Submit the forms: Once you have completed the change of beneficiary forms, review them once again for accuracy. Then, sign and date the forms as required. Make copies of the forms for your records before sending them to the insurance company or financial institution. Ensure you submit the forms using the preferred method specified in the instructions.
7. Follow up on the change: After submitting the forms, it is important to follow up with the insurance company or financial institution to ensure they have received and processed your change of beneficiary request. Keep copies of all correspondence and any confirmations you receive for future reference.

Who needs change of beneficiary?

1. Individuals with life insurance policies: If you have a life insurance policy, you may need to change the designated beneficiary at some point for various reasons. This could be due to a change in your marital status, the birth or adoption of a child, or a change in the relationship with the current beneficiary.
2. Retirement account holders: Those who have retirement accounts, such as individual retirement accounts (IRAs) or 401(k)s, may also need to change the beneficiary listed on these accounts. It is essential to keep these beneficiaries up-to-date to ensure that your assets are passed on to your desired recipients after your passing.
3. Trusts and estate plans: If you have established a trust or have a comprehensive estate plan in place, you may need to change the designated beneficiaries listed within these legal documents. This is common when there are significant changes in family dynamics, such as marriages, divorces, births, or deaths.
4. People with investment accounts: Individuals with investment accounts, such as brokerage accounts or mutual funds, may also consider changing their beneficiaries based on their personal circumstances. This ensures that the assets in these accounts are transferred to the designated individuals or entities according to their wishes.

Remember, it is essential to review and update your beneficiary designations periodically to reflect any changes in your life or to ensure your assets pass on as intended. It is recommended to consult with a financial advisor or attorney to ensure your beneficiary designations align with your overall estate planning goals.

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What is change of beneficiary?

Change of beneficiary is the process of updating the person or entity who will receive the benefits of a life insurance policy or retirement account in the event of the policyholder's or account holder's death.

Who is required to file change of beneficiary?

The policyholder or account holder is required to file a change of beneficiary form in order to update the designated beneficiary.

How to fill out change of beneficiary?

To fill out a change of beneficiary form, you will need to provide your personal information, the current beneficiary's information, and the new beneficiary's information.

What is the purpose of change of beneficiary?

The purpose of change of beneficiary is to ensure that the benefits of a life insurance policy or retirement account are directed to the intended recipient.

What information must be reported on change of beneficiary?

The change of beneficiary form typically requires information such as the policyholder's or account holder's name, social security number, current beneficiary's information, and new beneficiary's information.