There are numerous essential benefits to purchasing a life insurance policy. In case of death, the policy can provide for your family – help pay the mortgage or provide college funds for your children.
When you buy the policy, you name the primary, secondary, and final beneficiaries. These decisions are not set in stone, and during your life, you have the right to change the beneficiaries of your policy or rearrange their order.
This process is not complicated but requires policyholders to send a Change of Beneficiary Letter to their insurance company.
Whether the beneficiary of your policy is a person or an organization, it's your task to give the insurance company accurate information about them.
For many, the primary beneficiary is their spouse, but for others, it's their adult children or even their favorite charity. Writing a Change of Beneficiary Letter is incredibly important if you have a change of heart regarding who the beneficiary should be.
You shouldn't delay, as outdated insurance claims can cause many complications after your death. Your insurance company may already have the Change of Beneficiary Letter template on hand, but you can create your own as well.
Depending on your state, you may also know a Change of Beneficiary Letter as:
Choosing a life insurance policy beneficiary is of monumental importance. But life events can change whom you want to receive claim payouts in case of your death.
Getting divorced, remarried, having children, and losing loved ones can force you to make these changes to your life insurance policy. If you're currently thinking about changing the beneficiary on your policy, make sure not to postpone it for too long.
Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Change of Beneficiary Letter.
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All you need to do is fill out a simple questionnaire, print it, and sign. No printer? No worries. You and other parties can even sign online.
The Change of Beneficiary Letter should state clearly who the new beneficiary is. The format of the letter is not demanding but needs to contain crucial details. The process is faster and more efficient with a template.
Let 360 Legal Forms help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.
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When drafting a Change of Beneficiary Letter, you can print and sign it before sending it to the insurance company.
Addressing it to the designated insurance agent and sending it via courier service is crucial. However, you can also send the Change of Beneficiary Letter via email, but you need to make sure to send it to the right person.
After sending the Change of Beneficiary Letter to the insurance company, you should receive a confirmation of the changes you've requested.
If you have not heard anything after several weeks, make sure to follow up with a call, email, or an in-person meeting. The insurance company should assure you that they've taken action to change the beneficiary of your insurance policy.
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