How to name beneficiaries and fund a trust at American Fidelity

A beneficiary change on term, whole or universal life is made on the Change of Beneficiary Form (PS-138), which asks for each life policy number.¹

Policies serviced by the separate Life Division take their beneficiary change on the Request for Change of Beneficiary (PS-175) instead.²

Accident, cancer, disability, critical illness and hospital indemnity policies take a beneficiary designation; each is a policy type listed on PS-138.¹

An annuity contract's beneficiary is changed on the Annuity Change of Beneficiary Form (ANN-187).³

A trust can be named beneficiary of a life policy on the Change of Beneficiary Form (PS-138).¹

An annuity contract can name a trust as beneficiary on ANN-187.³

An IRA can name a trust as beneficiary on ANN-187.³

Benefits are divided by percentage, never by dollar amount. Primary shares must total 100%, and contingent shares must total 100%.¹

PS-138 requires a witness signature; the witness must be over 18 and not a beneficiary on the form. A copy of the owner's active government-issued ID is accepted in place of a witness.¹

If the policy is jointly owned, all owners must sign. A joint life policy needs a separate form for each insured, and both insureds must sign.¹

If a trust owns the policy, all trustees must sign.^{1, 2}

If the policy was issued in, or the owner lives or has lived in, Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Puerto Rico, Washington or Wisconsin, the spouse at issue and every spouse during the policy term must sign.^{1, 2}

Only the policy owner, or the person with control of a juvenile policy, can change beneficiaries.⁴

The Life Division's form (PS-175) requires a witness on each signature and bars an owner from witnessing.²

ANN-187 requires a copy of the owner's valid photo ID, plus the spouse's photo ID for owners in Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin or Puerto Rico.³

Completed by the policy owner. Available to download.¹

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For annuitys. Completed by the contract owner. Available to download.³

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For life insurance policys. Available to download.²

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A new designation supersedes all previous ones, so every beneficiary who should still receive proceeds must be listed again.¹

Beneficiary designations control over instructions in a will.⁴

A change is not effective until American Fidelity approves it, and a confirmation copy is then sent.^{1, 3}

American Fidelity advises against naming a minor child directly.⁴

On the Change of Ownership Form (PS-140), a minor cannot be listed as a new policy owner until reaching the age of majority for their state.⁵

An Irrevocable Life Insurance Trust can own a life policy through the Change of Ownership Form (PS-140).⁵

An annuity contract cannot be retitled to a trust while the annuitant is living.⁴

An IRA cannot be retitled to a trust while the annuitant is living.⁴

The supplemental products (disability, cancer, critical illness, accident only, Hospital GAP PLAN, hospital indemnity and paid leave) pay their benefits to the insured during life and cannot be trust-owned.⁴

For life insurance policys. Available to download.⁵

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American Fidelity does not set up Irrevocable Life Insurance Trusts.⁴

A change of ownership is effective only after American Fidelity approves it; a copy of the approved Request for Change of Ownership is returned to the owner.⁵

Life policies serviced by the separate Life Division, which use the Request for Change of Beneficiary (PS-175)²