How to name beneficiaries and fund a trust at Northwestern Mutual

Beneficiary changes can be made online for life insurance products. Other products route to their own service lines.^{1, 2}

Universal life beneficiary changes go to Universal Life Services or a financial representative.^{1, 2}

Income Annuity and Income Plan beneficiary changes go to Annuity Client Services or a financial representative.^{1, 2}

Northwestern Mutual states that a trust can be designated as a life insurance beneficiary.³

Northwestern Mutual states that a charity can be designated as a life insurance beneficiary.³

The policyowner is the only person who can change the beneficiary.^{1, 2}

All policyowners must act jointly, and all their signatures are required on any document that changes the policy.^{1, 2}

Completed by the policyowner (all owners, when a policy has more than one). Completed online.^{1, 2, 4}

Return to

Northwestern Mutual states that the information on the policy overrides an insured's will or trust.^{3, 5}

A change to a current beneficiary's name or address alone, for example after a marriage, adoption or other legal name change, does not require a form. The owner calls the financial representative or Client Services.^{1, 2}

Changing a policy's owner to a trust covers life insurance policies.^{1, 2}

Completed by the current policyowner (every owner, when there are several). Sent by the institution on request.²

Return to

Northwestern Mutual states that there "may also be tax or legal advantages to having your life insurance policies owned by a trust", and that the policyowner "does not have to be the person who is insured or who pays the premium, except on a tax-qualified annuity."²

Northwestern Mutual: "Changing the ownership of a policy does not change the beneficiary of the death proceeds."²

Beneficiary changes on investment products and brokerage and advisory account retitling^{1, 2}

Investment advisory and trust services¹