How to name beneficiaries and fund a trust at Mutual of Omaha
Beneficiaries are managed online, by phone or by mail. Trust paperwork is taken by phone or by mail
Beneficiary designations are the foundation of estate planning for Mutual of Omaha 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.
With 15 product types, Mutual of Omaha offers a range of transfer options. Some policies support beneficiary designations, others can be retitled into a trust, and some require probate if no beneficiary is designated. The sections below break down each step.
Beneficiary form at Mutual of Omaha
Beneficiary Change Form 639600 (replaces Application for LIFE Change of Beneficiary Form L4237) (for life insurance policys) and Annuity Application for Change of Beneficiary, in the Form L8529 packet (for annuitys).
Open the form →- The policy or coverage ID
- Your date of birth
- The last four digits of the Social Security number
- Have the policy number or coverage ID and the policyowner's or insured's date of birth ready
- Give the beneficiary's name and relationship to the insured. Address, phone, date of birth, and Social Security number are optional
- You may list multiple policy numbers on one form provided they all insure the same person
- If the policy insures more than one person, complete a separate form for each insured
- Trust: Name of trust and Date of birth/Trust are required. The SSN/TIN, address, phone, and relationship fields are optional
- Testamentary Trust: enter the name as "Testamentary Trust created under my Last Will and Testament". Every other field is optional
- Estate: enter the name as "Estate of the Insured". Every other field is optional
- Business (this covers a charity or a funeral home): Name, Tax identification number, Address, and Phone are required; leave Relationship and Date of birth/Trust blank
- Individual: full given name, relationship to the insured, and the benefit percentage
- The policyowner signs, or an authorized representative signs and states the representative type
- A joint policyowner must also sign
- A current irrevocable beneficiary must sign
- Massachusetts residents only: the policyowner's signature must be witnessed by someone over 18 who is not named as a beneficiary and has no interest in the policy
- Trustee: a copy of the first and last pages of the trust agreement, or a Certification of Trust
- Power of attorney holder: a copy of the POA that clearly grants authority to act for the policyowner, signed and dated
- Guardian or conservator: a copy of the court-issued Letters showing the appointment
- Corporation, partnership, or LLC representative: corporate resolutions, partnership agreements, or other paperwork showing authority
Required Documents
- Policy number or coverage ID (when calling)
- Policyowner's or insured's date of birth (when calling)
- Beneficiary's name and relationship to the insured (when calling)
- Beneficiary's address, phone, date of birth and Social Security number. Optional. Mutual of Omaha states they help the benefit get paid quickly and to the right person
- Policy numbers and the insured (on Form 639600)
- Full given name, relationship to the insured and benefit percentage (for an individual on Form 639600)
- Name of the trust and the trust date (for a trust). The SSN/TIN, address, phone and relationship fields are optional
- Business name, tax identification number, address and phone (for a business, including a charity or a funeral home). Relationship and Date of birth/Trust are left blank
- Beneficiary Change Form 639600, completed (for a trust, an estate, a business or an irrevocable designation)
- First and last pages of the trust agreement, or a Certification of Trust (when a trustee signs). The pages show the trust name, trust date and acting trustees; the full trust document is not required. A Certification of Trust must confirm the trust name, trust date and current acting trustees
- Copy of the power of attorney (when an agent under a power of attorney signs). It clearly grants authority to act for the policyowner and is signed and dated
- Copy of the court-issued Letters showing the appointment (when a guardian or conservator signs)
- Corporate resolutions, partnership agreements or other proof of authority (when a corporation, partnership or LLC representative signs)
- Trust as owner of a life policy (ILIT): Change of Ownership Form L6501
- Its own caption says not to use it to assign a policy for a loan; that is a different form
- Non-qualified annuity: the Annuity Change of Ownership Form in the L8529 packet
- Trust as beneficiary only, with no ownership change: Form 639600 (life) or the Annuity Application for Change of Beneficiary in the L8529 packet
- Name of Trust, Date of Trust, Name of Trustee, Name of Co-Trustee, trustee address, trust Tax ID, and telephone
- Attach the same information for any additional co-trustee
- If the current owner is already a trust or a business, attach a copy of the trust pages identifying the trustee(s) and successor trustee(s), or a Board Resolution
Required Documents
- Change of Ownership Form L6501, or the annuity ownership form in the L8529 packet. Completed and signed by the current owner
- Trust name, trust date, trustee and co-trustee names, trustee address and trust Tax ID
- Copy of the trust pages showing the trust was executed and naming the trustees (when the current owner is a trust). The pages identify the trustee(s) and successor trustee; the entire instrument is not required
- Board Resolution (when the current owner is a business)
- Spouse's Party-in-Interest Consent signature (if the current owner lives in a community property state)
- Signature of any irrevocable beneficiary named on the policy
- Beneficiary Change Form 639600, as a separate filing (so the trust also becomes the beneficiary of record)
What Mutual of Omaha says about beneficiaries and trusts
Each section is Mutual of Omaha's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary1
- Life insurance policy
One Form 639600 can carry several policy numbers as long as they insure the same person. A policy insuring more than one person needs a separate form for each insured.1
Who can be named6
- A person
An individual beneficiary can be named online, if the policy is eligible, or by phone on most policies, as well as on Form 639600.2, 3
- A trust
A trust can be named on Form 639600, not online or by phone. Naming a trust needs only the trust name and the trust date.1
- A trust created by a will
A testamentary trust is entered on Form 639600 as "Testamentary Trust created under my Last Will and Testament".1
- The estate
The estate can be named on Form 639600, not online or by phone. It is entered as "Estate of the Insured".1
- A business
A business, including a funeral home, can be named on Form 639600, not online or by phone.1
- A charity or nonprofit
A charity is named as a business on Form 639600, not online or by phone.1
How many beneficiaries, and how shares are split
- All accounts
Leave the percentages blank for an equal split, or make the primary percentages total exactly 100% and the contingent percentages total exactly 100% separately.1
What a designation takes to be effective
- All accounts
The policyowner signs, or an authorized representative signs and states the representative type. A joint policyowner and any current irrevocable beneficiary must also sign.1
Mutual of Omaha states that in a community property state your spouse may have a legal interest in the policy, that getting the spouse's consent where the law requires it is your responsibility, and that it does not determine whether consent is necessary.3
A trustee, agent under a power of attorney, guardian, conservator or business representative who signs must attach proof of authority.3
A beneficiary change under a power of attorney goes to legal review, which can take up to 10 business days after the documents arrive. The power of attorney must specifically grant the right to make that request and follow state-mandated guidelines.4
Beneficiary forms Mutual of Omaha issues2
- Beneficiary Change Form 639600 (replaces Application for LIFE Change of Beneficiary Form L4237)
For life insurance policys. Completed by the policyowner, or an authorized representative. Available to download.1
Return to
Email: mycustomerservice@mutualofomaha.com
Mailing address: Mutual of Omaha Plaza, Omaha, NE 68175
- Annuity Application for Change of Beneficiary, in the Form L8529 packet
For annuitys. Available to download.5
What Mutual of Omaha's agreement says about beneficiaries7
- Changing or revoking a designation
Form 639600 replaces everything: previous beneficiary choices for the policies listed on it are no longer valid.1
- What the owner keeps while living
An irrevocable designation locks that beneficiary in for the life of the policy. Their consent is then needed to change the beneficiary, cancel the policy, take a loan, or do anything that reduces their share. Individuals and trusts can both be irrevocable.1
Changing a beneficiary does not change policy ownership.3
- When a designation takes effect
The change is official once processed. A confirmation arrives by mail and the updated designation becomes viewable in Customer Access; if anything is missing, a new form has to be completed.1
Mutual of Omaha states the form may be considered invalid if it is incomplete or not filled out accurately, and that on paper forms corrections or erasures cannot be accepted.1
- A minor as beneficiary
A minor beneficiary does not receive the money directly. Depending on state law it goes to a legal guardian or custodian, or is held in a supplemental contract managed by Mutual of Omaha and its insurance affiliates until the child reaches legal age.3
- Claims against the account
A collateral assignee is paid before the beneficiary: if the policy backs a loan, the lender is paid first, and a beneficiary change does not touch the lender's rights.3
Any outstanding policy loan and its interest is deducted from the death benefit paid to the beneficiary.3
- Divorce
Mutual of Omaha notes that in some states an event such as divorce may automatically revoke an ex-spouse as beneficiary unless specific steps are taken.3
- Changing the owner of a policy or account
Mutual of Omaha states that a change of ownership may have tax consequences.3
State requirements Mutual of Omaha statesMassachusetts
- Massachusetts
For Massachusetts residents, the policyowner's signature must be witnessed by someone over 18 who is not named as a beneficiary and has no interest in the policy.1
Which accounts a trust can hold3
- Life insurance policy
A trust can be named as owner of a permanent or term life policy, an irrevocable life insurance trust, on Form L6501. It can also be named as beneficiary on Form 639600.6
- Annuity
A non-qualified annuity can be moved into a trust on the Annuity Change of Ownership Form in the L8529 packet.5
Immediate annuities (Ultra Income) cannot be re-owned once annuitized.5
- Health, long-term care or disability policy
Medicare supplement, long-term care and critical illness policies have no ownership-transfer path, because they carry no death benefit.4
Trust account forms Mutual of Omaha issues2
- Change of Ownership Form L6501
For life insurance policys. Completed by the current owner. Available to download.6
Return to
Fax: 1-402-997-1906
Mailing address: United of Omaha Life Insurance Company, Policyholder Services, 3300 Mutual of Omaha Plaza, Omaha, NE 68175
- Annuity Change of Ownership Form, in the Form L8529 packet
For annuitys. Completed by the current owner. Available to download.5
Return to
Fax: 1-402-997-1906
Mailing address: Individual Annuity Services, Mutual of Omaha Plaza, Omaha, NE 68175
What Mutual of Omaha says about trust accounts2
- A trust as owner of a policy
Form L6501 prints a notice that the death benefit remains payable to the beneficiary of record. A new owner or trustee who wants the beneficiary changed must request it separately; transferring the policy into an ILIT does not make the trust the beneficiary.6
Mutual of Omaha states the change of ownership is unconditional and irrevocable once received and recorded at the home office, that the new owner gains all rights of ownership, and that United of Omaha is not responsible for the sufficiency or validity of the change.6
- What the owner keeps while living
On Form L6501 the current owner waives, for themselves and their estate, all rights to receive any benefit under the policy, and directs that any benefit that does become payable to them be paid to the new owner's estate.6
State requirements Mutual of Omaha statesCalifornia, Arizona, Idaho, Nevada, PR, Texas, Washington, Louisiana, New Mexico, Wisconsin
- California
Form L6501 requires the current owner's spouse to sign the Party-in-Interest Consent block before ownership can be changed.6
- Arizona
Form L6501 requires the current owner's spouse to sign the Party-in-Interest Consent block before ownership can be changed.6
- Idaho
Form L6501 requires the current owner's spouse to sign the Party-in-Interest Consent block before ownership can be changed.6
- Nevada
Form L6501 requires the current owner's spouse to sign the Party-in-Interest Consent block before ownership can be changed.6
- PR
Form L6501 requires the current owner's spouse to sign the Party-in-Interest Consent block before ownership can be changed.6
- Texas
Form L6501 requires the current owner's spouse to sign the Party-in-Interest Consent block before ownership can be changed.6
- Washington
Form L6501 requires the current owner's spouse to sign the Party-in-Interest Consent block before ownership can be changed.6
- Louisiana
Form L6501 requires the current owner's spouse to sign the Party-in-Interest Consent block before ownership can be changed.6
- New Mexico
Form L6501 requires the current owner's spouse to sign the Party-in-Interest Consent block before ownership can be changed.6
- Wisconsin
Form L6501 requires the current owner's spouse to sign the Party-in-Interest Consent block before ownership can be changed.6
Not in Mutual of Omaha's published guidance2
- Fax number for Beneficiary Change Form 639600
- Ownership-change form link on its support pages
Sources
Data sourced from Mutual of Omaha primary sources (13 pages reviewed). How we research.
Download these Mutual of Omaha instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Mutual of Omaha primary sources. Bring it to the branch or keep it beside the phone.
Mutual of Omaha estate support
Policyowner Services - Life (beneficiary designations, ownership transfers, POA, guardianship and conservatorship documents)
Phone
Individual annuity ownership and beneficiary service
Health-side Claims Customer Service
Fax
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