How to name beneficiaries and fund a trust at Farmers Insurance
Beneficiaries are managed in branch, by phone or by mail. Trust paperwork is taken in branch, by phone or by mail
Beneficiary designations are the foundation of estate planning for Farmers Insurance policies. Unlike bank accounts, insurance products cannot be retitled into a trust. Instead, the beneficiary designation itself determines who receives the proceeds and how quickly they're paid. Naming a trust as beneficiary is an option when more control over distributions is needed.
Farmers Insurance offers 3 policies, each with its own transfer rules. The sections below cover how to set up beneficiaries, fund a trust, and which products support each approach.
Beneficiary form at Farmers Insurance
Change-of-beneficiary form (for life insurance policys).
- Give the full legal name, date of birth, Social Security or taxpayer identification number, relationship, and share for each primary and contingent beneficiary
- For a trust, give the trust name, the date it was established, the trustee, and the trust EIN
- Give each primary and contingent beneficiary's full legal name, date of birth, Social Security or taxpayer identification number, relationship, and share
- For a trust, give the trust name, date established, trustee, and trust EIN
Required Documents
- Each beneficiary's full legal name (for every primary and contingent beneficiary, not only the one being changed)
- Each beneficiary's date of birth
- Each beneficiary's Social Security or taxpayer identification number
- Each beneficiary's relationship and share
- Trust name, date established, trustee and trust EIN (when naming a trust)
- Naming the trust as beneficiary, which sends the death benefit into the trust without changing who owns the policy
- Transferring ownership of the policy to an irrevocable life insurance trust (ILIT)
- Complete the change-of-beneficiary form with the trust name, the date it was established, the trustee, and the trust EIN
- Complete the ownership-transfer paperwork, signed by every current policy owner
- Enclose a copy of the trust agreement or a certification of trust
Required Documents
- Trust agreement or certification of trust. Either the full trust agreement or a certification of trust is accepted
- Trust Employer Identification Number (EIN)
- Trustee name and identification
- Policy number and the insured's full name
What Farmers Insurance says about beneficiaries and trusts
Each section is Farmers Insurance's own statement, with the document it comes from numbered under Sources.
Who can be named1
- A trust
A trust can be named as beneficiary. The death benefit then goes into the trust without changing who owns the policy.1
How many beneficiaries, and how shares are split
- All accounts
More than one beneficiary can be named, and the owner sets the share each receives. Primary and contingent beneficiaries are both listed on the form.1
What a designation takes to be effective
- Life insurance policy
The policy owner signs and dates the form.1
Beneficiary forms Farmers Insurance issues1
- Change-of-beneficiary form
For life insurance policys. Completed by the policy owner. Sent by the institution on request.1
Return to
Mailing address: Farmers New World Life Insurance Company, P.O. Box 248831, Oklahoma City, OK 73124
What Farmers Insurance's agreement says about beneficiaries4
- Online access
Farmers does not offer an online beneficiary change. A farmers.com account covers auto, home, umbrella and life policies, but address change is available only for auto, home and umbrella policies, and paperless delivery only for auto, home, umbrella and variable life.1
- Changing or revoking a designation
Farmers states the beneficiaries and the payout structure can be changed at any time during the life of the policy.1
- A designation and a will
A beneficiary designation is part of the policy contract, so the death benefit passes to the named beneficiaries rather than through the will or probate.1
- When a designation takes effect
A beneficiary change takes effect only while the insured is alive. Nothing can be changed after the death.1
Which accounts a trust can hold1
- Life insurance policy
A life policy connects to a trust in two ways: the trust is named as beneficiary, or ownership of the policy is transferred to an irrevocable life insurance trust (ILIT).1
Trust account forms Farmers Insurance issues1
- Ownership-transfer paperwork
For life insurance policys. Completed by every current policy owner. Sent by the institution on request.1
Return to
Mailing address: Farmers New World Life Insurance Company, P.O. Box 248831, Oklahoma City, OK 73124
What Farmers Insurance says about trust accounts1
- A trust as owner of a policy
Naming a trust as beneficiary changes only who receives the death benefit. Transferring ownership to an ILIT changes who owns the policy and removes the prior owner's control over it.1
A transfer of ownership ends the prior owner's control of the policy, including the ability to change beneficiaries or cancel it. Existing beneficiary designations are replaced by the trust's.1
Not in Farmers Insurance's published guidance4
- Processing time for a beneficiary change
- Downloadable trust-funding form
- Trust-funding document checklist
- Trust-funding instruction page
Sources1
- 1.Farmers life insurance guidance
Sources
Data sourced from Farmers Insurance primary sources (16 pages reviewed). How we research.
Download these Farmers Insurance instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Farmers Insurance primary sources. Bring it to the branch or keep it beside the phone.
Farmers Insurance estate support
Farmers New World Life Insurance Company
Phone
Farmers Customer Care Center
Farmers Claims Center, auto/home/business
Mailing address
Website
Estate requests go through general customer service.
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