How to name beneficiaries and fund a trust at National Benefit Life

Each beneficiary is given a percentage of proceeds. The form names beneficiaries by class, Class A (primary) and Class B (contingent); each class takes in order, and a later class takes nothing if a beneficiary in a preceding class became entitled to payment.¹

Unless otherwise specifically provided, two or more beneficiaries in the same class are paid to the survivors in that class in equal shares, or all to the survivor.¹

The policy owner signs. If there is an irrevocable beneficiary, that beneficiary's signature is also required. The form carries witness signature lines.¹

Incomplete forms are not processed.¹

An original handwritten ("wet") signature is required. "Electronic signatures are not accepted."²

For life insurance policys. Completed by the policy owner. Available to download.^{1, 2}

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The form revokes every earlier designation: "All prior designations of beneficiary and Modes of Settlement are revoked."¹

Payment to a deceased beneficiary's children applies only to a class whose Article II box is checked. For that class, the share is paid in one sum equally to that beneficiary's then living children.¹

On this form "Child" and "Children" include only lawful and legally adopted sons and daughters (Article III).¹

If there are no surviving beneficiaries in any class, payment is made to the owner or the owner's estate.¹

On the ownership change form, the signer warrants being the only party in interest, that there has been no assignment, and that no bankruptcy or insolvency proceedings have been filed or are pending.³

For life insurance policys. Completed by the current owner and the new owner. Available to download.³

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The ownership form transfers all rights, title and interest in the policy, including the right to change the beneficiary, to the named new owner.³

Paragraph 3: "The Owner shall be the Beneficiary under the Policy." A new owner who wants a beneficiary other than itself executes a Change of Beneficiary form.³

Paragraph 2: "All Designations of Beneficiary and Optional Modes of Settlement heretofore made are hereby revoked."³

The current owner and the new owner sign. The form carries witness lines beside the current owner's, other required and new owner's signatures. Signatures must be handwritten; electronic signatures are not accepted.^{2, 3}

Primerica term policies whose numbers begin 347, through MyPrimerica and Primerica term insurance⁴