Change Of Beneficiary

Change of beneficiary

Insurance companies offer insurance plans for individuals, either by direct promotion to an individual or through another source such as employees benefit plan. An insurance company is usually comprised of agents. Types of insurance companies include life insurance, health insurance, etc… Accordingly, each account would require beneficiary designation that eventually will be receiving the benefits of that certain insurance plan or policy. There are two main types of beneficiaries namely the primary and the contingent. In general, primary beneficiaries are the ones who would be receiving the assets under the plan you applied for while the contingent beneficiaries will be the ones to be given the benefits in the absence of the primary beneficiary – in the event of your death if I may add.
Indicating beneficiaries and keeping those choices updated is important in owning insurance. There may be incoming grounds that could affect your initial choice. This is where change of beneficiary forms comes in the scene. Change of beneficiary forms are primarily used to request for amendments regarding the aforesaid name of beneficiary. All that needs to be done includes the Insurance Policy Number, the name of the insured (the name of the beneficiary you wish to change), the name of the owner of the insurance plan and the new primary or contingent beneficiary. All information must be in detail and specific so as to avoid further errors and changes. To be mentioned in the form is also a request for the confirmation letter as a response and if possible, a form that would enable the sender to make the changes relating to the changes in the beneficiary.

Change of Beneficiary

Date:

RE: Insurance Policy Number:
Insured:
Owner:

Dear Sir or Madam:

I am writing to instruct you to make the following change(s) to the above policy. I would like to change a primary beneficiary.

The new primary beneficiary should be: ___________________.

Please send me a confirmation letter and, if necessary, a form to make this change.

Thank you for your assistance.

Best regards,
_____________
Insurance Policy Owner

Change of Beneficiary
Review List

This review list is provided to inform you about this document in question and assist you with its preparation. This letter should be sent out promptly if your life circumstances change such as through death of a former beneficiary, your divorce, or other such circumstance.

1. Make multiple copies. Send one to the insurance company and your agent, if you have one. Keep one in the transaction file.
2. Make a note to follow-up with in two weeks if you do not hear back. And keep after it until you implement the change you desire.

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