How to name beneficiaries and fund a trust at Bankers Life

Health policies (long-term care, Medicare supplement, critical illness and hospital indemnity) use the separate Health Policy Information Form, not the Life and Annuity Policy Information Form.¹

A trust can be named as the policy beneficiary in Section B, so the death benefit pays into the trust.²

Percentages must total 100%. If they are left blank, the proceeds are divided equally.²

Every named beneficiary is treated as primary unless designated otherwise. Naming more than four beneficiaries requires an attached separate sheet.²

The current policy owner must sign Section F or no change is made. Joint owners all sign on the Current Policyowner line; a trust-owned policy is signed by the trustee(s) with their title; a business-owned policy needs two authorized officers or one authorized individual, notarized or under corporate seal.²

In a community property state or territory (AZ, CA, ID, LA, NM, NV, TX, WA, WI or Puerto Rico), the spouse's release in Section E, Release of Interest in Community Property States, is required.²

Completed by the policy owner. Available to download.²

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Available to download.¹

For health, long-term care or disability policys. Sent by the institution on request.¹

Beneficiary designations override instructions in a will.¹

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.²

Writing "irrevocable" next to a beneficiary means the designation cannot later be changed without their consent. An irrevocable beneficiary must sign Section F before the designation can be changed.²

The change is not effective until the signed form is received.⁴

Children under 18 cannot receive benefits directly.¹

Changing ownership to a funeral home or business entity also requires a corporate resolution, proof of business existence and the signatures of two officers.⁵

New York policies underwritten by Bankers Conseco Life Insurance Company use that company's own NY-only version of the form, served alongside the standard version on Get a Form.¹

An Irrevocable Life Insurance Trust (ILIT) can own a Bankers Life life insurance policy. Section A, Ownership Information, of the Life and Annuity Policy Information Form is where the new owner is entered.²

Non-qualified annuities support the same two trust paths as life insurance policies, a trust as beneficiary and a trust as owner, both through the Life and Annuity Policy Information Form.²

Medicare supplement, long-term care and supplemental health insurance policies cannot be retitled to a trust and have no death benefit. They use the separate Health Policy Information Form.¹

Completed by the current owner and the new owner (the trustee, signing with title). Available to download.²

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Bankers Life does not establish ILITs.²

For an ownership change both the current and the new owner sign Section F. Once the trust owns the policy, the trustee signs future service forms with their title.²

The portal states that "registration is not available at this time if the owner of the policy is a Trust or a Corporation," so once the trust owns the policy the trustee services it by mail, phone or through the Bankers Life agent.⁵

New York policies underwritten by Bankers Conseco Life Insurance Company use that company's own NY-only version of the form.¹

New York policies⁴

Colonial Penn Medicare supplement policies¹