Change of Beneficiary Letter (Insurance Policy)

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.

What Is a Change of Beneficiary Letter?

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You shouldn't delay, as outdated insurance claims can cause many complications after your death.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.

Other Names for Change of Beneficiary

Depending on your state, you may also know a Change of Beneficiary Letter as:

• Beneficiary Designation Form
• Request to Change Policy Beneficiary
• Change of Beneficiary Form
• Beneficiary Change Request

Who Needs a Change of Beneficiary Letter?

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.

Why Use Swyft Forms for Your Change of Beneficiary Letter?

Customized for you, by you

Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Change of Beneficiary Letter.

Specific to Your Jurisdiction

Laws vary by location. Each document on Swyft Forms is customized for your state.

How to Create a Change of Beneficiary Letter With Swyft Forms

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 Swyft 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.

What Information Will I Need to Create My Change of Beneficiary Letter?

To create your document, please provide:

• Insurance Company Details: The name of the insurance policy, as well as the name of the insurance agent
• Policyholder: The full name and contact information of the policyholder
• Beneficiaries: The legal name of the beneficiaries and their contact information
• The Effective Date: The exact date when the change in policy should go into effect

Change of Beneficiary Letter Terms

• Policyholder: The person who bought the insurance policy and paid premiums for it
• Beneficiary: The person or organization that will receive payments after the policyholder's death
• Insurance Claim: A formal application for the insurance policy payment
• Medicaid: The U.S. public health insurance program
• Power of Attorney: An official authority to make decisions on another person's behalf

Change of Beneficiary Letter Signing Requirements

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.

What to Do With Your Change of Beneficiary Letter?

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.