How to name beneficiaries and fund a trust at Kansas City Life

A beneficiary change takes a separate form for each insured. One form cannot cover two insureds.¹

Name the trust by its complete name, the trust date and the trustee name(s). A copy of the trust document listing the trustees is helpful but not required.¹

Designations are made in percentages, not dollar amounts. Each primary beneficiary needs a contingent beneficiary.¹

The owner signs and dates the form in ink.¹

An irrevocable beneficiary, creditor beneficiary or assignee shares control of the policy and must sign any beneficiary change.¹

For life insurance policys. Available to download.¹

Return to

A beneficiary designation controls over a will.¹

The change is recorded and made part of the policy file on the date it is received in good order at the Home Office. An incomplete form is not in good order and does not take effect.¹

Kansas City Life mails a letter of notification to the policyowner at the address of record once the change is complete.¹

A contingent beneficiary is required for each primary designation so the proceeds still distribute if a primary beneficiary predeceases the insured.¹

To keep an ex-spouse as beneficiary, Kansas City Life instructs the owner to file a new Form 299SP showing the relationship as "ex-spouse".¹

Kansas City Life may not be able to pay proceeds to a minor, because a minor cannot give a proper receipt. Its own guidance is to name the trustee of a trust for the minor, or a custodian under the Uniform Transfers to Minors Act.¹

In Georgia, Michigan, Texas and Oklahoma a funeral home may not be named as beneficiary; Michigan and Oklahoma accept a collateral assignment to the funeral home instead, Oklahoma on its own assignment form. In Illinois one can be named after the policy is issued, not at issue, and a collateral assignment is accepted.¹

Minnesota, Montana and South Dakota allow a funeral home as beneficiary only with the wording "as their interest may appear"; South Dakota also accepts a collateral assignment or an irrevocable funeral-home designation. Maryland allows a funeral home to be named where the insured and the owner are the same person.¹

The beneficiary form must be witnessed by a disinterested third party, someone other than a beneficiary.¹

Naming a charitable, benevolent, educational or religious institution requires the signature of both the owner and the insured.¹

The children must be named individually. "Children born of the marriage" is not accepted.¹

Kansas City Life requires an address and Social Security number for each beneficiary before the change is in good order.¹

Kansas City Life requires an address and Social Security number for each beneficiary before the change is in good order.¹

Kansas City Life requires an address and Social Security number for each beneficiary before the change is in good order.¹

Kansas City Life requires an address and Social Security number for each beneficiary before the change is in good order.¹

Kansas City Life requires an address and Social Security number for each beneficiary before the change is in good order.¹

Kansas City Life requires an address and Social Security number for each beneficiary before the change is in good order.¹

For a minor beneficiary, custodian wording refers to the Uniform Gifts to Minors Act.¹

For a minor beneficiary, custodian wording refers to the Uniform Gifts to Minors Act.¹

For life insurance policys. Available to download.²

Return to

The ownership-change form is released only to the current owner of the policy. Both the current owner and the new owner sign it.²

Section 13 takes one contingent owner. If the new owner dies while the policy continues, all incidents of ownership and control vest in that contingent owner. It is not required when the policy is transferred to the insured.²

The "Continue current billing?" box on Form 244 controls billing. If nothing is marked, billing continues under the previous terms.²

Ownership questions on qualified or tax-sheltered contracts²