How to name beneficiaries and fund a trust at Colonial Penn
Covers 3 insurance accounts — beneficiaries can be updated by phone
Customer Service
Colonial Penn Life Insurance Company, Policyholder Services, PO Box 1918, Carmel, IN 46082-1918
Customer Service
Colonial Penn Life Insurance Company, Policyholder Services, PO Box 1918, Carmel, IN 46082-1918
Life Claims Department
Colonial Penn Life Insurance Company, Life Claims Department, PO Box 1918, Carmel, IN 46082-1918
For Colonial Penn policyholders, estate planning comes down to one critical step: making sure the right beneficiaries are named on every policy. Insurance proceeds bypass probate entirely and go directly to whoever is listed—regardless of what a will says. When estate tax planning or controlled distributions are a factor, a trust can be named as beneficiary instead.
Colonial Penn has 3 policies with different estate transfer rules. Here is how beneficiary designations, trust ownership, and probate apply to each one.
- Policy number
- Date of birth of the insured
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- Beneficiary designations override instructions in a will
- Only the policyholder can change beneficiary designations
- The Request for Change of Beneficiary form must be signed by the owner/assignee and a witness
- Most Colonial Penn policy documents include a beneficiary change form; check your original insurance documents first
- To name a trust as beneficiary, include the trust name and date established
- For minor beneficiaries, consider naming a custodian or trust instead
- Colonial Penn will confirm the beneficiary change by U.S. Mail once approved
- NY residents: policies are issued by Bankers Conseco Life Insurance Company of New York
Sources
Data sourced from Colonial Penn primary sources (24 pages reviewed). How we research.
Download these Colonial Penn instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Colonial Penn primary sources. Bring it to the branch or keep it beside the phone.
Customer Service
Colonial Penn Life Insurance Company, Policyholder Services, PO Box 1918, Carmel, IN 46082-1918
Customer Service
Colonial Penn Life Insurance Company, Policyholder Services, PO Box 1918, Carmel, IN 46082-1918
Life Claims Department
Colonial Penn Life Insurance Company, Life Claims Department, PO Box 1918, Carmel, IN 46082-1918
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