How to name beneficiaries and fund a trust at Bankers Life
Covers 15 insurance accounts — beneficiaries must be updated in-branch
Bankers Life Policy Service
Bankers Life and Casualty Company, PO Box 1938, Carmel, IN 46082-1938 (policy service forms). Administrative office: 303 E. Wacker Dr., Suite 500, Chicago, IL 60601
Bankers Life Policy Service
Bankers Life and Casualty Company, PO Box 1938, Carmel, IN 46082-1938 (policy service forms). Administrative office: 303 E. Wacker Dr., Suite 500, Chicago, IL 60601
Life Claims Department / Annuity Claims Department
Bankers Life and Casualty Company, Life Claims Department, P.O. Box 1937, Carmel, IN 46082-1937 (Annuity Claims Department at the same P.O. Box)
Estate planning with Bankers Life policies centers on beneficiary designations—the single most important step for ensuring life insurance proceeds and annuity benefits reach the intended recipients without probate involvement. Unlike bank or brokerage accounts, insurance products are not retitled into trusts; instead, trusts are named as beneficiaries when estate tax planning or controlled distributions are needed.
With 15 product types, Bankers Life offers a range of transfer options. Some policies support beneficiary designations, others can be retitled into a trust, and some require probate if no beneficiary is designated. The sections below break down each step.
- Sections A (Ownership Information) and B (Beneficiary Information) must be completed for every request, even if only one is changing
- List beneficiaries with names, dates of birth, Social Security numbers, and relationships; percentages must total 100%
- For a trust beneficiary, give the full legal trust name, the date the trust was established, and the trust EIN
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- All beneficiary changes must be submitted in writing on the Life and Annuity Policy Information Form; Bankers Life does not offer an online beneficiary change
- Sections A and B must be completed on every submission, even when only one of them is changing
- Percentages must total 100%; if left blank, proceeds are divided equally, and every named beneficiary is treated as primary unless designated otherwise
- More than four beneficiaries requires an attached separate sheet
- An irrevocable beneficiary must consent (sign Section F) before the designation can be changed
- Community property states and territories (AZ, CA, ID, LA, NM, NV, TX, WA, WI, PR) require the spouse's release in Section E
- Section F must be signed by the current policy owner or the request is not valid
- Beneficiary designations override instructions in a will
- Children under 18 cannot receive benefits directly; name a custodian or trust instead
- New York policies underwritten by Bankers Conseco Life Insurance Company of New York use that company's own forms
Sources
Data sourced from Bankers Life primary sources (19 pages reviewed). How we research.
Download these Bankers Life instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Bankers Life primary sources. Bring it to the branch or keep it beside the phone.
Bankers Life Policy Service
Bankers Life and Casualty Company, PO Box 1938, Carmel, IN 46082-1938 (policy service forms). Administrative office: 303 E. Wacker Dr., Suite 500, Chicago, IL 60601
Bankers Life Policy Service
Bankers Life and Casualty Company, PO Box 1938, Carmel, IN 46082-1938 (policy service forms). Administrative office: 303 E. Wacker Dr., Suite 500, Chicago, IL 60601
Life Claims Department / Annuity Claims Department
Bankers Life and Casualty Company, Life Claims Department, P.O. Box 1937, Carmel, IN 46082-1937 (Annuity Claims Department at the same P.O. Box)
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