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BENEFICIARY DESIGNATION FORM Life Insurance Company of North America Group Insurance Life Accident Disability Darren Public Schools Employer Name Employee Social Security # Current Address City State

How to fill out primary and contingent beneficiaries

How to fill out primary and contingent beneficiaries:

1. Start by gathering the necessary information. You will need the full name, date of birth, and social security number of each beneficiary.
2. Determine who will be the primary beneficiary. This is the person or entity who will receive the assets of your account in the event of your death. You can choose one or multiple primary beneficiaries, but make sure to specify the percentage or share of the assets that each beneficiary will receive.
3. Consider naming contingent beneficiaries. These are individuals or entities who will receive the assets if all the primary beneficiaries have predeceased you. Contingent beneficiaries are important as they ensure that your assets are distributed according to your wishes in case something happens to your primary beneficiaries.
4. Provide accurate contact information for each beneficiary. Include their address, phone number, and email address, if applicable. This will help the financial institution or insurance company reach out to the beneficiaries when necessary.
5. Review and update your beneficiaries regularly. It is crucial to keep your beneficiaries up to date, especially after major life events such as marriage, divorce, birth, or death. Failure to update your beneficiaries may result in assets being distributed to unintended recipients.

Who needs primary and contingent beneficiaries:

1. Anyone who has financial accounts, such as bank accounts, retirement accounts, life insurance policies, or investment accounts, should consider designating primary and contingent beneficiaries.
2. Parents or guardians who want to ensure that their children or dependents receive their assets in the event of their death should name primary and contingent beneficiaries.
3. Individuals who want to have control over who receives their assets and how they are distributed should designate primary and contingent beneficiaries. This can help avoid potential disputes or confusion among family members after their passing.
4. Business owners who want to designate a beneficiary to inherit their business assets upon their death should name primary and contingent beneficiaries.

Remember, it is always advisable to consult with a legal or financial professional to ensure that your primary and contingent beneficiaries are properly designated and your wishes are legally protected.

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