How to name beneficiaries and fund a trust at New York Life
Covers 19 insurance accounts — beneficiaries can be managed online
New York Life Customer Service Center (Cleveland Service Center)
New York Life Insurance Company, Cleveland Service Center, P.O. Box 6916, Cleveland, OH 44101
New York Life Customer Service Center (Cleveland Service Center)
New York Life Insurance Company, Cleveland Service Center, P.O. Box 6916, Cleveland, OH 44101
New York Life Claims & Benefits (individual life insurance)
New York Life, Claims & Benefits, PO Box 130539, Dallas, TX 75313-0539 (overnight: New York Life, Claims & Benefits, 5005 Lyndon B Johnson Fwy, Suite 1800, Dallas, TX 75244-6199)
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 19 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.
- Primary, secondary (contingent), and tertiary classes are supported; the shares within each class must total 100%.
- For a trust beneficiary, enter the full legal trust name and the trust date exactly as they appear on the trust document, and provide the trust tax identification number.
Required Documents
- Trust name, date established, and tax ID (EIN or SSN)
Special Requirements
- Shares must total 100% within each beneficiary class (primary, secondary, tertiary).
- All policy owners must sign the beneficiary change form. Jointly owned annuity contracts require a written request signed by all owners and cannot be changed online.
- A trust may be named as primary or contingent beneficiary on life insurance and annuity policies. Use the Statement of Trust (Form 20885) so New York Life has the trust name, trust date, grantor, trustees, and successor trustees on file.
- Form 20885 may not be used for a testamentary trust — a trust created inside a will.
- On a JOINTLY OWNED New York Life fixed annuity, naming anyone other than "Surviving Spouse" (or "Surviving Owner" for joint non-spouse owners) means the surviving owner loses all rights to the funds when either owner dies: the death benefit is paid to the named beneficiary and the policy terminates.
- If a fixed annuity application is submitted with no beneficiary named, New York Life applies a default: Owner's Estate for an individual owner, Surviving Spouse for joint spouses, Surviving Owner for joint non-spouses, and the corporation or trust itself for entity-owned policies.
- A beneficiary designation controls the death benefit and overrides instructions in a will.
Sources
Data sourced from New York Life primary sources (23 pages reviewed). How we research.
Download these New York Life instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against New York Life primary sources. Bring it to the branch or keep it beside the phone.
New York Life Customer Service Center (Cleveland Service Center)
New York Life Insurance Company, Cleveland Service Center, P.O. Box 6916, Cleveland, OH 44101
New York Life Customer Service Center (Cleveland Service Center)
New York Life Insurance Company, Cleveland Service Center, P.O. Box 6916, Cleveland, OH 44101
New York Life Claims & Benefits (individual life insurance)
New York Life, Claims & Benefits, PO Box 130539, Dallas, TX 75313-0539 (overnight: New York Life, Claims & Benefits, 5005 Lyndon B Johnson Fwy, Suite 1800, Dallas, TX 75244-6199)
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