How to name beneficiaries and fund a trust at Penn Mutual
Beneficiaries are managed online or by mail. Trust paperwork is taken by mail
Estate planning with Penn Mutual policies centers on beneficiary designations—the single most important step for ensuring life insurance proceeds and annuity benefits reach the intended recipients without probate involvement. Unlike bank or brokerage accounts, insurance products are not retitled into trusts; instead, trusts are named as beneficiaries when estate tax planning or controlled distributions are needed.
Penn Mutual has 21 product types, and the estate transfer rules differ across them. Some support beneficiary designations, some can be retitled into a trust, and others pass through the estate if nothing is set up. Each is covered below.
Beneficiary form at Penn Mutual
Annuity Beneficiary Designation Form (PM4799) (for annuitys) and Penn Mutual Beneficiary Designation form (for life insurance policys).
Open the form →- Annuity contracts: Annuity Beneficiary Designation Form (PM4799)
- Life insurance policies: the Penn Mutual Beneficiary Designation form, downloaded from the "Download Forms" icon on the policy page in the client portal
- Name (a person, or a trust or entity), relationship to owner, date of birth, Social Security or Tax ID number, phone, address, and percentage of proceeds in whole percentages
- Mark each entry after the first as primary or contingent, and check "Payment By Representation" where wanted
- To name more than four beneficiaries, enclose a signed and dated letter
- Mail to: Penn Mutual Life Insurance Company, PO Box 178, Mail Code C3R, Philadelphia, PA 19105-0178
- Or fax to: (215) 956-7699
Required Documents
- Contract owner name, annuitant name, contract number(s) and phone number (on the annuity form (PM4799))
- Each beneficiary's name. A person, or a trust or entity
- Each beneficiary's relationship to the owner
- Each beneficiary's date of birth (on the annuity form (PM4799))
- Each beneficiary's Social Security or Tax ID number
- Each beneficiary's address
- Each beneficiary's phone number (on the annuity form (PM4799))
- Each beneficiary's percentage of proceeds. In whole percentages
- Trust or entity name and its Tax ID (to name a trust or entity on the annuity form (PM4799))
- Signed and dated letter (to name more than four beneficiaries on the annuity form (PM4799))
- Complete the Owner Designation Form (PM6533), entering the trust name, trustee names, address, trust SSN/EIN, date of trust and telephone number
- Restate on it any primary or contingent owner who is to remain
- Submit a Certification of Trust form (PM6389) with it; PM6533 requires it whenever a trust is named as the new owner
- The current owner(s) sign; all owners must sign if there is more than one. The new owner signs the taxpayer certification with title (trustee signature example on the form: "John Doe, Trustee")
- If the trustee has changed since the trust became owner, also send any Resignation of Trustee or Termination of Trustee, Appointment of New Trustee and Acceptance of New Trust documents
- Complete the Annuity Beneficiary Designation Form (PM4799), entering the trust name in the beneficiary name field with the trust Tax ID
- PM6533: mail to Penn Mutual Life Insurance Company or Penn Insurance & Annuity Company, P.O. Box 178, Philadelphia, PA 19105-0178, or fax to 215-956-7699, Attention: Client Services
- PM4799: mail to Penn Mutual Life Insurance Company, PO Box 178, Mail Code C3R, Philadelphia, PA 19105-0178, or fax to (215) 956-7699
Required Documents
- Owner Designation Form (PM6533), completed with option D (for trust ownership of a life policy)
- Certification of Trust (PM6389) (whenever a trust is named as the new owner). PM6533: "We require Trust documentation such as a Certification of Trust form (PM6389) to be on file."
- Trust name, trustee names, address, date of trust, trust SSN/EIN and telephone number. The new owner is named specifically; a class designation such as "my lawful children" cannot be used to name an owner
- Trustee-change documents (if the trustee has changed since the trust became owner). Resignation or Termination of Trustee, Appointment of New Trustee, and Acceptance of New Trust documents
- Annuity Beneficiary Designation Form (PM4799), naming the trust (for a trust as annuity beneficiary). The trust name goes in the beneficiary name field, with the trust Tax ID
What Penn Mutual says about beneficiaries and trusts
Each section is Penn Mutual's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary1
Who can be named2
How many beneficiaries, and how shares are split
- Annuity
Each beneficiary takes a percentage of proceeds in whole numbers, and each entry after the first is marked primary or contingent. More than four beneficiaries can be named by enclosing a signed and dated letter.1
What a designation takes to be effective
- Annuity
Spousal consent with notarization is required on PM4799 only for an IRC Section 403(b) contract or a contract with an IRC Section 401(g) endorsement, when a non-spouse is named. The spouse signs before a notary.1
The owner and any joint owner sign and date the form, with a title when signing in a capacity other than an individual.1
Beneficiary forms Penn Mutual issues2
- Annuity Beneficiary Designation Form (PM4799)
For annuitys. Available to download.1
Return to
Fax: 1-215-956-7699
Mailing address: Penn Mutual Life Insurance Company, PO Box 178, Mail Code C3R, Philadelphia, PA 19105-0178
- Penn Mutual Beneficiary Designation form
For life insurance policys. Completed online.2
What Penn Mutual's agreement says about beneficiaries3
- Changing or revoking a designation
A new annuity designation replaces the prior beneficiary arrangement, including the designation in the application.1
- Joint accounts
On a Smart Foundation contract, the surviving owner is deemed the sole primary beneficiary regardless of the designation.1
- No beneficiary survives
On an annuity, the final beneficiary is the executors or administrators of the estate of the contract owner unless otherwise indicated.1
Which accounts a trust can hold1
Trust account forms Penn Mutual issues1
- Owner Designation Form (PM6533)
For life insurance policys. Available to download.3
Return to
Fax: 1-215-956-7699
Mailing address: Penn Mutual Life Insurance Company or Penn Insurance & Annuity Company, Attention: Client Services, P.O. Box 178, Philadelphia, PA 19105-0178
What Penn Mutual says about trust accounts3
- A trust as owner of a policy
Changing the owner of a life policy does not change its beneficiary designation. The Owner Designation Form (PM6533) and the Penn Mutual Beneficiary Designation form are separate.3
The form revokes all previous owner designations, so a co-owner or contingent owner who is to stay must be restated on it. If no contingent owner is designated, the estate of the owner (or of the last joint owner to die) succeeds to ownership.3
- Who signs for the trust
The current owners sign, and all owners sign if there is more than one. The new owner signs the taxpayer certification with title; the form's trustee example is "John Doe, Trustee".3
- Successor trustees
If the trustee has changed since the trust became owner, Penn Mutual also requires any Resignation of Trustee or Termination of Trustee, Appointment of New Trustee and Acceptance of New Trust documents.3
Not in Penn Mutual's published guidance2
- Beneficiary changes by phone
- Trust ownership changes by phone
Sources
Data sourced from Penn Mutual primary sources (22 pages reviewed). How we research.
Download these Penn Mutual instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Penn Mutual primary sources. Bring it to the branch or keep it beside the phone.
Penn Mutual estate support
Client Services Center
Phone
Toll-free
Fax
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Mailing address
Website
Estate requests go through general customer service.
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