How to name beneficiaries and fund a trust at Banner Life
Beneficiaries are managed online, by phone or by mail. Trust paperwork is taken by phone or by mail
Banner Life has changed ownershipAcquired, effective February 2026
Legal & General Group, plc sold its US term life and pension risk transfer businesses to the Meiji Yasuda Group. The transaction closed February 2, 2026 after all regulatory approvals, valued at approximately $2.3 billion, and Banner Life and its subsidiaries are now owned by Meiji Yasuda North America Holdings Inc. On March 31, 2026 the companies rebranded as the "Banner Life family of companies", retiring the Legal & General America umbrella brand. Banner Life Insurance Company and William Penn Life Insurance Company of New York continue operating under those names with unchanged policies, forms, contacts and claims processes; lgamerica.com 301-redirects to bannerlife.com and forms.lgamerica.com still serves every policy-service form.
Beneficiary designations are the foundation of estate planning for Banner Life 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.
Each of Banner Life's 3 policies has different rules for how it transfers at death. The sections below explain the options for each.
Beneficiary form at Banner Life
Beneficiary Designation Form (LP200) (for life insurance policys), William Penn Beneficiary Designation Form (LP200WP) (for life insurance policys), Trust Certification (LU1277) (for life insurance policys) and William Penn Trust Certification (LU1277WP) (for life insurance policys).
Open the form →- Full legal name, address, SSN or Tax ID, telephone number, and date of birth for every beneficiary
- Percentage allocations totalling exactly 100%; Banner Life rejects dollar-amount allocations
- For a trust: the exact trust name, trust date and trust Tax ID, using the LP200 wording pattern "The John Doe Irrevocable Trust dated 1/1/2001, Eric Smith trustee"
- "The basics" directs that the trust date goes in the date-of-birth field
- Full legal name, address, SSN or Tax ID, telephone number, and date of birth for each beneficiary
- Percentages totalling 100%; attach a signed and dated additional page if naming more than 4 primary or 3 contingent beneficiaries
- For a trust, use the LP200's own suggested wording (trust name, trust date, trustee) with the trust Tax ID in the Tax ID field
- For a minor, name a UTMA custodian or a court-appointed financial guardian or guardian of the minor's estate; the LP200 states benefits cannot be paid to minor children directly
- For the estate, the LP200's suggested wording is "To my Estate"
- For a trust created under the will, the LP200's suggested wording is "Trustee under my last will and testament as shall be admitted to probate", used only if the will sets out such a trust
- Individual owner, policy benefit under $500,000: a copy of a valid driver's license or state ID
- Individual owner, policy benefit of $500,000 or more: the notary section of the form completed, so the owner's signature is notarized
- More than one owner (multiple persons, trusts or corporations): all policy owners must sign
- Trust-owned policy: all trustees sign and indicate title, plus the first and signature pages of the trust or a completed Trust Certification LU1277 (LU1277WP for William Penn)
- Corporate owner: an authorized officer other than the insured signs and indicates title, with a list of authorized officers and their signatures on company letterhead
- Partnership owner: a general partner other than the insured signs and indicates title
- Any irrevocable beneficiary must also sign; in community property jurisdictions (AZ, CA, ID, LA, NV, NM, TX, WA, WI and Puerto Rico) the owner's spouse may need to sign
- A digitally issued policy with no comparable signature on file requires a current legal ID or driver's license for owner signature authentication
Required Documents
- Beneficiary's full legal name
- Beneficiary's address and telephone number
- Beneficiary's SSN or Tax ID
- Beneficiary's date of birth
- Percentage allocation for each beneficiary. Percentages total exactly 100%; dollar-amount allocations are rejected
- Trust name, trust date, trustee and trust Tax ID (when naming a trust). The LP200's wording pattern is "The John Doe Irrevocable Trust dated 1/1/2001, Eric Smith trustee"; "The basics" directs that the trust date goes in the date-of-birth field
- Trust Certification LU1277 (LU1277WP for William Penn), completed (when naming a trust)
- Copy of a valid driver's license or state ID (individual owner, policy benefit under $500,000)
- Notary section of the form completed (individual owner, policy benefit of $500,000 or more). The owner's signature is notarized
- First and signature pages of the trust, or a completed Trust Certification LU1277 (trust-owned policy). All trustees sign and indicate title. The William Penn form is the LU1277WP
- List of authorized officers and their signatures on company letterhead (corporate owner). An authorized officer other than the insured signs and indicates title
- Signed and dated additional page (naming more than 4 primary or 3 contingent beneficiaries)
- Current legal ID or driver's license (a digitally issued policy with no comparable signature on file). For owner signature authentication
- Beneficiary Designation Form LP200 (LP200WP for William Penn), completed and signed (by mail, fax or email). Completed in black ink, printing clearly, with cursive only for signatures
- New owner: the full legal trust name; the SSN or Tax ID and date of birth fields are required (use the trust EIN)
- Both the current owner and the new owner (a trustee, signing with title) must sign and date
- Indicate the payor; the new owner becomes the payor unless someone else is designated in that section
- In community property jurisdictions (AZ, CA, ID, LA, NV, NM, TX, WA, WI, Puerto Rico) the current owner's spouse may also need to sign
- If the current owner is deceased, the LP154 checklist requires a copy of the death certificate together with a Letter of Testamentary or a Letter of Appointment
- The full trust name and trust date
- All pages of the trust document
- The trust's TIN
- The names and signatures of all trustees
- A completed Trust Certification, LU1277 for Banner Life or LU1277WP for William Penn
- "The basics" requires the Trust Certification whenever a trust is being named as the new owner or the policy is already trust-owned
Required Documents
- Ownership Change Form LP154 (LP154WP for William Penn), signed and dated. Signed and dated by both the current owner and the new owner or trustee. The new owner is the full legal trust name; the SSN or Tax ID and date of birth fields are required (the trust EIN)
- Trust Certification LU1277 (LU1277WP for William Penn). "The basics" requires it whenever a trust is named as the new owner or the policy is already trust-owned, alongside the Ownership Change Form
- Complete copy of the trust document (all pages). Required by the LP154 when a trust is named as the new policy owner
- Trust Tax ID (TIN)
- Names and signatures of all trustees
- Spouse's signature (if the current owner resides in a community property jurisdiction)
- Assignee's signature or a written release of assignment (if the policy carries a collateral assignment). Banner Life accepts the Collateral Security Agreement LP158 or the standard ABA Collateral Assignment form; William Penn accepts LP158WP. Release is on form LP 99-M or the standard ABA Release of Assignment
- Copy of the death certificate plus a Letter of Testamentary or Letter of Appointment (if the current owner has died). Required by the LP154 checklist
- Beneficiary Designation Form LP200 (LP200WP for William Penn) (if the beneficiary is also changing to the trust)
What Banner Life says about beneficiaries and trusts
Each section is Banner Life's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary1
Who can be named3
- A trust
A trust is named with the LP200's own suggested wording, trust name, trust date and trustee, with the trust Tax ID in the Tax ID field.2
- The estate
To route the proceeds through the will, the LP200's suggested wording is "To my Estate".2
- A trust created by a will
For a trust created under the will, the LP200's suggested wording is "Trustee under my last will and testament as shall be admitted to probate", which the form says is used only if such a trust is actually set out in the will.2
How many beneficiaries, and how shares are split
- All accounts
Percentage allocations totalling exactly 100% are required; dollar-amount allocations are rejected. Where multiple beneficiaries are named with no percentages stated, the proceeds are split equally.2
Contingent and tertiary tiers are honored in order: surviving primary beneficiaries share first, then contingents, then any tertiary beneficiary. Naming more than 4 primary or 3 contingent beneficiaries takes a signed and dated additional page.2
What a designation takes to be effective
- All accounts
A policy benefit of $500,000 or more requires the policy owner's signature on the LP200 to be notarized; below $500,000 a copy of a driver's license or state ID is accepted instead. A digitally issued policy with no comparable signature on file requires a current legal ID or driver's license.2
Where there is more than one owner, all policy owners sign; a partnership owner signs through a general partner other than the insured. Any irrevocable beneficiary must also sign, and in community property jurisdictions the owner's spouse may need to sign.2
Beneficiary forms Banner Life issues4
- Beneficiary Designation Form (LP200)
For life insurance policys. Completed by the policy owner. Available to download.2
Return to
Email: customerservice@bannerlife.com
Fax: 1-301-294-6960
Mailing address: Banner Life Insurance Company, 3275 Bennett Creek Avenue, Frederick, MD 21704
- William Penn Beneficiary Designation Form (LP200WP)
For life insurance policys. Completed by the policy owner, for a New York policy. Available to download.3
Return to
Email: customerservice@wpenn.com
Fax: 1-516-229-3081
- Trust Certification (LU1277)
For life insurance policys. Completed by the trustees. Available to download.4
- William Penn Trust Certification (LU1277WP)
For life insurance policys. Completed by the trustees, for a New York policy. Available to download.5
What Banner Life's agreement says about beneficiaries3
- Changing or revoking a designation
A new designation replaces all prior designations on that policy, so every beneficiary to keep has to be listed again.6
The LP200 states faxed, emailed and mailed copies are all accepted. The policy itself does not need to be returned.2
- A minor as beneficiary
The LP200 states benefits cannot be paid to minor children directly; a UTMA custodian or a court-appointed financial guardian or guardian of the minor's estate is named for a minor.2
- Online access
The customer website also supports downloading a policy change form, uploading a completed form, and sending a message to Customer and Administrative Services.6
State requirements Banner Life statesMassachusetts, New York, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin, PR
- Massachusetts
Massachusetts-issued policies are excluded from the online beneficiary update.1
- New York
New York residents hold William Penn policies and use the LP200WP and William Penn's own service line.3
- Arizona
In this community property jurisdiction the LP200 states the owner's spouse may need to sign the beneficiary change.2
- California
In this community property jurisdiction the LP200 states the owner's spouse may need to sign the beneficiary change.2
- Idaho
In this community property jurisdiction the LP200 states the owner's spouse may need to sign the beneficiary change.2
- Louisiana
In this community property jurisdiction the LP200 states the owner's spouse may need to sign the beneficiary change.2
- Nevada
In this community property jurisdiction the LP200 states the owner's spouse may need to sign the beneficiary change.2
- New Mexico
In this community property jurisdiction the LP200 states the owner's spouse may need to sign the beneficiary change.2
- Texas
In this community property jurisdiction the LP200 states the owner's spouse may need to sign the beneficiary change.2
- Washington
In this community property jurisdiction the LP200 states the owner's spouse may need to sign the beneficiary change.2
- Wisconsin
In this community property jurisdiction the LP200 states the owner's spouse may need to sign the beneficiary change.2
- PR
In this community property jurisdiction the LP200 states the owner's spouse may need to sign the beneficiary change.2
Which accounts a trust can hold1
- Life insurance policy
Banner Life term, guaranteed universal life and Ethos-branded whole life policies can all be owned by an irrevocable life insurance trust.7
Once a policy is assigned, all rights of ownership remain with the assignee until a written release of assignment is received, and an ownership change cannot be processed without the assignee's signature. Where several assignees are named, a letter signed by the owner states the order in which they are paid.7
Trust account forms Banner Life issues4
- Ownership Change Form (LP154)
For life insurance policys. Completed by the current owner and a trustee for the new owner. Available to download.7
Return to
Email: customerservice@bannerlife.com
Fax: 1-301-294-6960
Mailing address: Banner Life Insurance Company, 3275 Bennett Creek Avenue, Frederick, MD 21704
- William Penn Ownership Change Form (LP154WP)
For life insurance policys. Completed by the current owner and a trustee for the new owner, for a New York policy. Available to download.8
- Trust Certification (LU1277)
For life insurance policys. Completed by the trustees. Available to download.4
- William Penn Trust Certification (LU1277WP)
For life insurance policys. Completed by the trustees, for a New York policy. Available to download.5
What Banner Life says about trust accounts4
- A trust as owner of a policy
The ownership-transfer form is the LP154 (LP154WP for William Penn), not the Policy Change Form LU1071, which handles coverage decreases, payment mode, payor changes and lost-policy requests. The change takes effect upon approval by the Customer and Administrative Services Department.7
The ownership change does not change the beneficiary. The beneficiary is updated to the trust separately on the Beneficiary Designation Form (LP200 / LP200WP) if the trust is not already the named beneficiary.7
- Review of the trust document
Banner Life states it relies exclusively on the representations in the Trust Certification rather than on a review of the trust document, even where the trust document has been provided.4
The Trust Certification identifies the trust name, state and date created, Tax ID, trust type (revocable, irrevocable, testamentary under a named will, family, insurance, trusteed buy/sell, employer sponsored, charity, other), grantors, trust beneficiaries, and the trustees' authority to act.4
- Who signs for the trust
Section 6 of the LU1277 is completed where there is more than one trustee, saying how they may act: a majority for all, all unanimously, anyone alone, or certain named trustees jointly. If no box is checked, Banner Life requires all trustee signatures on every later policy request.4
Both the current owner and the new owner, a trustee signing with title, sign and date the LP154.7
At application, a Trust Certification is required for a proposed insured over age 65 when a trust is named as owner or beneficiary.4
- The trust's tax identification number
The LP154's SSN or Tax ID and date of birth fields are required for the new owner; the trust EIN is used.7
State requirements Banner Life statesNew York, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin, PR
- New York
New York policyholders hold William Penn policies and use the WP-suffixed forms (LP154WP, LU1277WP) and William Penn's own service line.8
- Arizona
In this community property jurisdiction the LP154 states the current owner's spouse may also need to sign the ownership change.7
- California
In this community property jurisdiction the LP154 states the current owner's spouse may also need to sign the ownership change.7
- Idaho
In this community property jurisdiction the LP154 states the current owner's spouse may also need to sign the ownership change.7
- Louisiana
In this community property jurisdiction the LP154 states the current owner's spouse may also need to sign the ownership change.7
- Nevada
In this community property jurisdiction the LP154 states the current owner's spouse may also need to sign the ownership change.7
- New Mexico
In this community property jurisdiction the LP154 states the current owner's spouse may also need to sign the ownership change.7
- Texas
In this community property jurisdiction the LP154 states the current owner's spouse may also need to sign the ownership change.7
- Washington
In this community property jurisdiction the LP154 states the current owner's spouse may also need to sign the ownership change.7
- Wisconsin
In this community property jurisdiction the LP154 states the current owner's spouse may also need to sign the ownership change.7
- PR
In this community property jurisdiction the LP154 states the current owner's spouse may also need to sign the ownership change.7
Accounts handled elsewhere1
- William Penn Life Insurance Company of New York
Policies held by New York residents, on the WP-suffixed forms (LP200WP, LP154WP, LU1277WP)3, 8
Phone: 1-516-794-3700
Toll-free: 1-800-346-4773
Email: customerservice@wpenn.com
Fax: 1-516-229-3081
Hours: Monday-Friday 8:30 AM-4:45 PM ET
Sources10
- 1."The basics" (January 2026)
- 2.Beneficiary Designation Form (LP200 (12-22))
- 3.William Penn Beneficiary Designation Form (LP-200-WP (10-18))
- 4.Trust Certification (LU-1277 (02/09))
- 5.William Penn Trust Certification (LU-1277 WP)
- 6.Banner Life customer website (my.bannerlife.com)
- 7.Ownership Change Form (LP154 (12-22))
- 8.William Penn Ownership Change Form (LP154WP (7-12))
- 9.Collateral Security Agreement (LP158)
- 10.William Penn Collateral Security Agreement (LP158WP)
Sources
Data sourced from Banner Life primary sources (25 pages reviewed). How we research.
Download these Banner Life instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Banner Life primary sources. Bring it to the branch or keep it beside the phone.
Banner Life estate support
Customer Service (William Penn Life Insurance Company of New York)
Phone
Toll-free
William Penn Claims
Fax
Hours
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