How to name beneficiaries and fund a trust at Assurity

A trust can be named in any tier: primary, contingent or tertiary.¹

A trust created by the insured's will is named by listing the designation as "Testamentary Trust". Proceeds are then paid to the trustee (or successor) named in that trust.¹

For annuity contracts, Assurity accepts a trust as beneficiary.²

Disability income, critical illness, accident and group products do not support trust beneficiary designations, because benefits are paid to the insured during their lifetime.²

Children who are beneficiaries but are not named individually are read as all living and future children born to or adopted by the insured. Stepchildren are not included unless named.²

Three beneficiary tiers are supported: primary, contingent and tertiary. Each tier must total 100%, and if no percentages are entered, proceeds are paid equally within the tier.¹

In community property states (AZ, CA, ID, LA, NM, NV, TX, WA, WI) spousal consent is required unless the spouse is the sole primary beneficiary. The spouse completes and signs the Spousal Consent section.¹

Completed by the policy owner. Available to download.¹

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Submitting the form revokes all existing beneficiary designations, so every beneficiary you want to keep must be restated.¹

Writing "irrevocable" after a beneficiary makes that designation irrevocable. That beneficiary must then consent in writing to later assignments, contract changes, loans, surrenders and annuity withdrawals.¹

Death proceeds are paid as shown on the acknowledged and recorded form. Where the contract conflicts with the form, the contract prevails.¹

If no named beneficiary is living or existing when the insured dies, proceeds are paid to the owner or the owner's estate.¹

Beneficiary changes cannot be made over the phone or in MyAssurity; the completed form still has to be returned.²

A witness signature is required in Massachusetts only. The witness is a non-related person with no financial interest in the policy.¹

Ownership of an Assurity life policy (term, whole life, single-premium whole life, children's whole life and universal life) can be transferred to a trust, including an irrevocable life insurance trust (ILIT).^{3, 2}

Disability income, critical illness, accident and group products cannot be retitled to a trust, because benefits are paid to the insured during their lifetime.²

For an annuity contract, contact Customer Connections before attempting a trust ownership change.²

For life insurance policys. Completed by all current owners, with the trustee signing as the new owner. Available to download.³

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Transferring ownership does not change the beneficiary and is not an assignment. All options, benefits and beneficiary arrangements stay as they are until the new owner changes them.³

The transfer is taken subject to any policy indebtedness, any assignments Assurity has already acknowledged, and any recorded irrevocable beneficiary arrangements.³

The trustee signs as the new owner, including the Substitute Form W-9 certification printed on page 2 of the Ownership Transfer form.³

A Massachusetts policy also needs a witness signature on the ownership transfer.³