How to name beneficiaries and fund a trust at Oceanview Life

A trust can be named as beneficiary in Section 5 of the Contract Information Change Form, with a Trust Verification Form.^{1, 2}

The Request for Inherited Contract states that a trust named as beneficiary qualifies for an inherited contract only if it is valid under state law, irrevocable, and names identifiable beneficiaries who are all individuals.³

Each beneficiary is marked primary or contingent. Percentages must be whole percentages that total 100% for primary beneficiaries and 100% for contingent beneficiaries.¹

Section 6, Signature Authorization, must be completed for all changes: signed by the owner and, if applicable, the joint owner.¹

For annuitys. Completed by the owner. Available to download.¹

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Available to download.⁴

Completed by the trustees. Available to download.²

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Completing Section 5 of the Contract Information Change Form revokes all prior primary and contingent beneficiary designations and any elections of optional methods of settlement.¹

Oceanview contracts are owner-driven: the owner controls rights such as naming beneficiaries, and during the accumulation period the death benefit generally is paid to the beneficiary when the owner dies, even if the annuitant is still alive.⁵

Completed by the trustees. Available to download.²

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Available to download.⁶

The product disclosures measure the death benefit by the death of the owner "or primary annuitant if the Owner is not a natural person".⁷

Oceanview's agent FAQs note that exceptions to owner-driven death-benefit rules may exist for contracts with a non-natural owner.⁵