Get the free Change of beneficiary form - Farm Bureau Insurance of Michigan

Clear Form after Print Farm Bureau Life Insurance Company of Michigan 7373 West Saginaw Highway, P.O. Box 30200, Lansing, Michigan 48909-7700 Life Customer Service Fax: 517-323-9603 SCAN Code BOC

How to fill out change of beneficiary form

How to fill out a change of beneficiary form:

1. Read the instructions: Begin by carefully reading the instructions provided with the change of beneficiary form. This will ensure that you understand the purpose of the form and the specific requirements for filling it out correctly.
2. Provide personal information: Start by entering your personal information in the designated sections of the form. This may include your full name, contact details, social security number, and any other relevant identifying information.
3. Specify the existing policy or account: Indicate the specific policy or account for which you want to make a beneficiary change. Include the policy or account number, as well as the name of the company or organization that holds it.
4. Identify the current beneficiary: State the name of the current beneficiary or beneficiaries as listed on the policy or account. This information is essential for the purpose of accurately updating the beneficiary designation.
5. Fill in the new beneficiary details: Clearly provide the full name, contact information, and relationship to you for the new beneficiary or beneficiaries you wish to designate. Make sure to include all necessary details to ensure their identification and to avoid any confusion.
6. Specify the percentage of the benefit: If the policy or account allows for multiple beneficiaries, determine the percentage of the benefit each will receive upon your passing. Carefully allocate the appropriate percentages to each beneficiary, ensuring the total equals 100%.
7. Sign and date the form: Sign and date the change of beneficiary form in the designated areas to validate your request. This indicates your acknowledgment and consent for the changes made.

Who needs a change of beneficiary form?

1. Individuals with life insurance policies: If you have a life insurance policy, you may need a change of beneficiary form to update the person or persons who will receive the policy benefits upon your death. This is especially important in situations where your life circumstances change, such as marriage, divorce, or the birth of a child.
2. Retirement account holders: For individuals holding retirement accounts like IRAs or 401(k)s, a change of beneficiary form allows you to designate who will inherit these assets upon your passing. As life circumstances change, it is crucial to update these designations to ensure that the intended individuals receive the accounts' benefits.
3. Trust creators: If you have established a trust, you may need to use a change of beneficiary form to modify the beneficiaries listed in the trust. This is particularly important in situations where you want to add or remove individuals or organizations as beneficiaries of the trust assets.
4. Those with investment accounts: Individuals with investment accounts, including brokerage accounts or mutual funds, may require a change of beneficiary form to specify who will inherit these assets.
5. Employees with employer-sponsored benefits: If your employer offers benefits such as life insurance or retirement plans, you may need a change of beneficiary form to designate new beneficiaries or update existing ones.

Remember, it is essential to consult with legal and financial professionals to ensure that you are completing the change of beneficiary form correctly and in accordance with relevant laws and regulations.

For pdfFiller’s FAQs

What is change of beneficiary form?

A change of beneficiary form is a document used to update the designated recipient or beneficiaries of a policy, account, or investment.

Who is required to file change of beneficiary form?

The policyholder or account holder is typically required to file a change of beneficiary form to update the beneficiaries.

How to fill out change of beneficiary form?

To fill out a change of beneficiary form, the policyholder/account holder needs to provide their personal information, the current beneficiaries, and the new beneficiaries they wish to designate.

What is the purpose of change of beneficiary form?

The purpose of a change of beneficiary form is to ensure that the correct individuals receive the benefits of a policy or account in the event of the policyholder/account holder's death.

What information must be reported on change of beneficiary form?

The change of beneficiary form typically requires information such as the policyholder/account holder's details, current beneficiaries, new beneficiaries, and the reasons for the change.

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