How to name beneficiaries and fund a trust at New York Life
Covers 17 insurance accounts — beneficiaries can be managed online
Phone1-800-225-5695
Mailing Address
New York Life, P.O. Box 6916, Cleveland, OH 44101
WebsiteLearn more→
Phone1-800-225-5695
Mailing Address
New York Life, P.O. Box 6916, Cleveland, OH 44101
WebsiteLearn more→
Claims & Benefits
Phone1-800-225-5695
Fax1-800-278-4117
Mailing Address
New York Life, Claims & Benefits, PO Box 130539, Dallas, TX 75313-0539
WebsiteNotify online→
Verified Apr 2026
Beneficiary designations are the foundation of estate planning for New York 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.
New York Life has 17 product types, and the estate transfer rules differ across them. Some support beneficiary designations, some can be retitled into a trust, and others will require probate if nothing is set up. Each is covered below.
Whole Life InsuranceCustom Whole Life InsuranceSecure Wealth PlusTerm Life Insurance (Level Term)Yearly Renewable Term Life InsuranceUniversal Life InsuranceVariable Universal Life Accumulator IIMarket Wealth Plus Variable Universal LifeFixed Deferred AnnuityLifetime Mutual Income AnnuityFuture Mutual Income AnnuityVariable AnnuityIndexFlex Variable AnnuityIndexFlex Fixed Annuity (FP Series)NYL My Care (Long-Term Care Insurance)NYL Secure Care (Long-Term Care Insurance)Asset Flex (LTC + Universal Life)
1
Log in to your MyNYL account
2
Navigate to the policy you want to update
3
Select the option to edit beneficiaries
4
Enter beneficiary details:
- Add or modify primary beneficiaries with full legal names, dates of birth, Social Security numbers, addresses, and relationships
- Set percentage allocations for each primary beneficiary (must total 100%)
- Optionally add contingent beneficiaries with their own percentage allocations totaling 100%
- For trusts: provide the full trust name, date established, and EIN
5
Review and submit your beneficiary changes
6
Alternatively, download the completed Change of Beneficiary form (Form 21131) and upload it through your MyNYL account
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- Trusts can be named as primary or contingent beneficiaries on life insurance and annuity products
- Percentage allocations must total 100% for each beneficiary class (primary, secondary, tertiary)
- All policyowners must sign the beneficiary change form
- Per stirpes designations are available for family beneficiaries
- For annuities issued by NYLIAC, beneficiary updates can also be made online at newyorklifeannuities.com under Self-Service Transactions > Non-Financial > Ownership / Beneficiary Change
- Jointly owned annuity policies require written requests signed by all owners; no online transactions are allowed on jointly owned policies
- Beneficiary designations override instructions in a will
Phone1-800-225-5695
Mailing Address
New York Life, P.O. Box 6916, Cleveland, OH 44101
WebsiteLearn more→
Phone1-800-225-5695
Mailing Address
New York Life, P.O. Box 6916, Cleveland, OH 44101
WebsiteLearn more→
Claims & Benefits
Phone1-800-225-5695
Fax1-800-278-4117
Mailing Address
New York Life, Claims & Benefits, PO Box 130539, Dallas, TX 75313-0539
WebsiteNotify online→
Verified Apr 2026
Estate planning articles
Learn how to protect your New York Life accounts and other assets with trusts, beneficiary designations, and estate planning documents.
