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Your beneficiary is the person (or people) you want to receive the money from your policy if you pass away. One way that TruStage helps protect you and your loved ones is by reminding you to keep your beneficiaries up to date. Here are a few frequently asked questions about beneficiaries.
Why is keeping my beneficiaries updated so important?
Often, people’s lives change. Births, adoptions, marriages, divorces and deaths are some of the reasons you may want or need to change the person (or people) who would receive your life insurance money if you passed away. It’s a good idea to check your beneficiaries yearly. You can make a change online at any time.
Who can I make a beneficiary?
Pretty much anybody except yourself. You can name family members or friends, a church, charity or other organization. Or a trust or estate if you have one. You can pick one person to receive the money from your policy or pick more than one and divide up the total amount by percentages. (For example, 50% to your spouse and 25% percent to each of your two sisters.) Children who are minors can be beneficiaries, but you will need to make a special arrangement.
What information do I need to make a change?
It’s important to enter the complete legal name of the person or organization you add as a beneficiary (and not “my wife” or “my church”) and their address to make sure the beneficiary can be positively identified and to help locate them if necessary.
Get a deeper understanding about beneficiaries
Learn more about naming and updating beneficiaries.
Not sure if you’re a life insurance beneficiary? Here’s how to find out
In most cases, beneficiaries know they’re beneficiaries because the policyholder tells them ahead of time. But, sometimes, policyholders forget to tell their beneficiaries about the policy or the details. If you think someone might have left you some money from a life policy, there are things you can do to find out.
What should I consider when naming life insurance beneficiaries?
The idea behind life insurance is to provide money to your loved ones to help protect them financially after you’re gone. But in order to make sure that happens the way you want it to, it’s important to think about who you want to receive the payout (or death benefit) from your life insurance policy. That person is called your beneficiary.