Get the free PRIMARY AND/OR CONTINGENT BENEFICIARY - mpera.mt.gov - mpera mt

Montana Public Employee Retirement Administration PO Box 200131 Helena MT 596200131 (406) 4443154 Toll Free (877) 2757372 http://mpera.mt.govPUBLIC EMPLOYEES RETIREMENT SYSTEM (PEERS) MEMBERSHIP/DESIGNATION

How to fill out primary andor contingent beneficiary

How to fill out primary andor contingent beneficiary

1. Start by gathering all necessary documents such as insurance policy or retirement account information.
2. Review the beneficiary designation form provided by the insurance company or financial institution.
3. Provide accurate personal information such as full name, date of birth, and social security number for both primary and contingent beneficiaries.
4. Specify the percentage or share of the policy or account that each beneficiary should receive.
5. Consider adding multiple primary or contingent beneficiaries to ensure a smooth transition in case of unexpected events.
6. Ensure all information provided is accurate and up-to-date.
7. Sign and date the beneficiary designation form.
8. Submit the completed form to the insurance company or financial institution as instructed.
9. Keep a copy of the completed form and any supporting documentation for your records.

Who needs primary andor contingent beneficiary?

1. Anyone who owns a life insurance policy or retirement account needs primary and contingent beneficiaries.
2. Married individuals often designate their spouse as the primary beneficiary and may choose one or more contingent beneficiaries such as their children.
3. Single individuals may choose family members, close friends, or charitable organizations as their primary and contingent beneficiaries.
4. Business owners may designate their business partners or key employees as primary or contingent beneficiaries to ensure business continuity.
5. Parents may designate their children as primary beneficiaries to secure their financial future.
6. Choosing primary and contingent beneficiaries is important to ensure that your assets are distributed according to your wishes and to avoid potential conflicts and delays in the distribution process.

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What is primary and/or contingent beneficiary?

Primary beneficiary is the first person or entity who will receive the benefits of a life insurance policy or retirement account when the policyholder or account holder passes away. Contingent beneficiary is the second person or entity who will receive the benefits if the primary beneficiary is unable to receive them.

Who is required to file primary and/or contingent beneficiary?

The policyholder or account holder is required to designate and file primary and contingent beneficiaries when setting up a life insurance policy or retirement account.

How to fill out primary and/or contingent beneficiary?

To fill out primary and contingent beneficiaries, the policyholder or account holder must provide the full name, date of birth, relationship to the beneficiary, and percentage of benefits to be received.

What is the purpose of primary and/or contingent beneficiary?

The purpose of primary and contingent beneficiaries is to ensure that the benefits of a life insurance policy or retirement account are distributed according to the policyholder or account holder's wishes when they pass away.

What information must be reported on primary and/or contingent beneficiary?

The information reported on primary and contingent beneficiaries includes their full name, date of birth, relationship to the beneficiary, and percentage of benefits to be received.

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