How to name beneficiaries and fund a trust at Baltimore Life

A trust can be named as beneficiary by giving the trust name, the date of the trust and the trustee's name on the beneficiary designation form.¹

When more than one beneficiary is named, the form takes allocation percentages, and each beneficiary is designated primary or contingent.²

The policy owner is the only person who can change the beneficiary. The insured, the payor or a beneficiary cannot make changes unless they are also the owner.¹

If an irrevocable beneficiary was named before, that beneficiary must consent in writing to the change.¹

For life insurance policys. Completed by the policy owner. Sent by the institution on request.²

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If no contingent beneficiary is named and the primary beneficiary dies before the insured, benefits may be payable to the insured's estate or to the deceased beneficiary's estate, depending on timing.¹

The Single Premium Whole Life and Generation Legacy products are designed as estate planning tools and are commonly owned by trusts.¹

For life insurance policys. Completed by the current policy owner. Sent by the institution on request.³

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Once ownership is transferred to the trust, the trust becomes both the owner and the beneficiary of the policy.¹

The current policy owner must sign the ownership transfer form.¹