Get the free Basic Life Beneficiary Designation and VTL Initial Election Form

110State of Idaho 1112337 Beneficiary Designation/ Change of Beneficiary/Change of NamePrincipal Life Insurance Company Des Moines, IA 503920002RETURN THIS FORM TO: YOUR HR OFFICEEmployee full name

How to fill out basic life beneficiary designation

How to fill out basic life beneficiary designation

1. Obtain necessary forms: You will need to obtain the basic life beneficiary designation form from your insurance provider. This form may also be available on their website or through your employer.
2. Read the instructions: Carefully read the instructions provided with the form. These instructions will guide you on how to properly fill out the beneficiary designation form.
3. Gather required information: Collect all the necessary information that you will need to fill out the form. This may include the full name, contact information, and social security number of the beneficiaries.
4. Identify primary and contingent beneficiaries: Determine who you want to designate as your primary and contingent beneficiaries. Primary beneficiaries receive the proceeds of the policy upon your death, while contingent beneficiaries will only receive the proceeds if the primary beneficiaries are no longer living.
5. Specify the percentages or amounts: Indicate the percentage or specific dollar amount that each beneficiary will receive. Ensure that the total allocation adds up to 100% or the total policy amount.
6. Include beneficiary information: Provide the required information for each beneficiary, including their full name, date of birth, social security number, and relationship to you.
7. Obtain signatures: Sign and date the beneficiary designation form. You may also need to have the form witnessed or notarized, depending on the requirements of your insurance provider or state.
8. Submit the form: Once the form is completed and signed, submit it to your insurance provider. Keep a copy for your records and ensure that the provider acknowledges receipt of the form.

Who needs basic life beneficiary designation?

1. Anyone who has a basic life insurance policy needs to fill out a beneficiary designation. This ensures that upon their death, the proceeds of the policy are distributed to the designated beneficiaries.
2. Beneficiary designation is especially important for individuals with dependents or loved ones who rely on their income. It ensures that financial support is provided to these individuals in the event of the policyholder's death.
3. It is also advisable for individuals who have specific wishes or arrangements for the distribution of their assets to fill out a beneficiary designation. This allows them to have control over who receives the policy proceeds and in what proportions.
4. Even for individuals without dependents or substantial assets, filling out a beneficiary designation can provide peace of mind, knowing that their wishes will be followed and their loved ones will be taken care of financially.

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What is basic life beneficiary designation?

Basic life beneficiary designation is a form that allows an employee to designate who will receive the life insurance benefits if they pass away.

Who is required to file basic life beneficiary designation?

All employees who have enrolled in the basic life insurance plan are required to file a beneficiary designation form.

How to fill out basic life beneficiary designation?

Employees can fill out the beneficiary designation form by providing the name, relationship, and contact information of the designated beneficiary.

What is the purpose of basic life beneficiary designation?

The purpose of basic life beneficiary designation is to ensure that the life insurance benefits are paid out to the intended beneficiary in case of the employee's death.

What information must be reported on basic life beneficiary designation?

The beneficiary designation form must include the full name, relationship to the employee, and contact information of the designated beneficiary.