Yes, you can change your life insurance beneficiary, and it is a good idea to keep your beneficiaries up to date. You can contact the customer service department of your insurance company directly by phone or email to request a change of beneficiary form. Only the owner (and possibly a witness) need to sign the form.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
Sure you can. All you need is a simple form. Ask your broker, orl call the carrier directly.
Big question: what will you do if unfortunately this beneficiary is not alive when the benefit can be paid? You need a contingent beneficiary as a backup. Give that some thought: who should be second in line to receive the money?
Another big question: is the beneficiary going to be a minor? Did you know that an insurance company will not pay a benefit to a minor? This means that you need to do some estate planning, in terms of having an executor and custodian appointed.
An attorney who specializes in estate planning can help you.
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Big question: what will you do if unfortunately this beneficiary is not alive when the benefit can be paid? You need a contingent beneficiary as a backup. Give that some thought: who should be second in line to receive the money?
Another big question: is the beneficiary going to be a minor? Did you know that an insurance company will not pay a benefit to a minor? This means that you need to do some estate planning, in terms of having an executor and custodian appointed.
An attorney who specializes in estate planning can help you.