How to designate beneficiaries at Primerica

Life insurance beneficiaries can be updated in MyPrimerica. Registration requires an active life insurance policy or an open investment account.¹

Mutual fund beneficiaries at Primerica Shareholder Services are changed with the POL-08 form, which can add a TOD registration to an individual or joint account. The current designation can be checked in Shareholder Account Manager.^{2, 3}

TOD registration is available to an account owned by a natural person.²

Joint Tenants with Right of Survivorship and Tenants by the Entireties registrations can take a TOD registration.²

A Tenants in Common registration is ineligible for TOD registration.²

Community property registrations are ineligible for TOD registration.²

The TOD Rules list trusts among non-natural account owners, so a trust-owned account is not eligible for TOD registration.²

Corporations and partnerships, as non-natural owners, are ineligible for TOD registration.²

A trust can be named as beneficiary of a retirement or TOD account on the POL-08, whose beneficiary field reads "Beneficiary's Legal Name (or name of Trust)".²

The claim instructions provide for a trust beneficiary, with the trustee completing the claim form.⁴

Primary and contingent beneficiaries are each given a percentage, and the percentages must total 100% collectively. Per stirpes is an option for individual beneficiaries only, not on a Coverdell ESA or any minor account registration; for a trust, a percentage is designated.²

The TOD Rules state that shares allocated to multiple TOD beneficiaries are allocated equally, and that registrations specifying unequal percentages to multiple beneficiaries are not accepted.²

Residents of a community property state mark marital status and sign section 3 of the POL-08 with a notary seal. If the owner is married and the sole primary beneficiary named is not the spouse, the spouse signs a consent with a notary seal.²

The account owner or owners sign and date section 2 of the POL-08.²

Under the TOD Rules, if an account owner is married and the spouse is not the sole designated beneficiary, spousal consent is required for TOD registration.²

Completed by the account owner or owners. Available to download.²

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A new POL-08 replaces all previous beneficiary designations on the account.²

The POL-08's own definition of per stirpes governs and may differ from state law or a will or trust: a predeceased beneficiary's share goes equally to their living natural or legally adopted children, not stepchildren, and with no living children to the other beneficiaries equally.²

A Designated Authorized Party verifies the identity of per stirpes beneficiaries. If that party cannot be located or is unable or unwilling to serve, PSS may rely on the personal representative, executor or administrator named in letters testamentary or letters of administration.²

A trustee may open a Lifetime Investment Program account with Primerica Advisors.⁶

Under the PBSI Client Agreement, a trustee opening a Lifetime Investment Program account represents that they are a fiduciary for the account assets and that the trust agreement or governing document authorizes opening the account and enrolling in the Program.⁶

California policyholders can designate a third-party addressee to receive notices of lapse or termination for nonpayment of premium, using the California Third-Party Notice Request Form.⁷

Term life insurance, named beside Primerica Life Insurance Company⁷