How to name beneficiaries and fund a trust at Protective

On a jointly owned annuity, the primary beneficiary is the surviving owner at 100%. On a custodially owned contract, the beneficiary must be the custodian at 100%.¹

A change of primary beneficiary on Form RET-2403 ends a Protected Lifetime Income Benefit rider elected on a joint life basis.¹

A trust can be named as beneficiary in MyAccount and on Forms SVC-102-PL and RET-2403.^{2, 3, 1}

In MyAccount the owner can leave a minor as beneficiary or name a custodian under the Uniform Transfers to Minors Act.²

Primary and contingent beneficiaries are added with the percentage each receives. MyAccount asks that the percentages for all beneficiaries equal 100%.²

Form SVC-102-PL lists primary and contingent beneficiaries with a percentage for each, and every change must confirm a primary beneficiary. If no percentages are entered, payment is in equal shares to the surviving beneficiaries at that level.³

Signatures on Form SVC-102-PL must be witnessed by a disinterested party of legal age. A trust-owned policy is signed by all required trustees, followed by the word "Trustee".³

If the policy is assigned, the assignee does not have to sign Form SVC-102-PL.³

In a community property state, Protective recommends that the owner's spouse join in signing Form SVC-102-PL or Form RET-2403.^{3, 1}

For life insurance policys. Available to download.³

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For annuitys. Available to download.¹

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Completed by MONY and Equitable (formerly MLOA) policyholders. Available to download.⁴

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Form SVC-102-PL cancels all previous beneficiary designations and directions for settlement, and Form RET-2403 cancels all previous designations, so every beneficiary to be kept is listed again.^{3, 1}

On Form SVC-102-PL, if no primary or contingent beneficiary survives, the proceeds are paid to the executors, administrators or assigns of the owner.³

On MONY Form No. 10481, if a person is named as beneficiary, the final beneficiary is the insured's executors or administrators unless otherwise indicated.⁴

Form SVC-102-PL offers an optional common disaster clause of up to 30 days.³

Form SVC-102-PL states that if a beneficiary is a minor when the insured dies, payment may need to wait until a court appoints a guardian of the minor's estate. It names a trust or a Uniform Transfers to Minors Act designation as options.³

MyAccount features vary by account type, and some beneficiary changes cannot be made online.²

Individual life policies and annuities issued by Liberty Life Assurance Company of Boston before 2018 are administered by Protective, which lists its policy service line for contracts "Issued by Liberty/Lincoln and administered by Protective Life."⁵

On Form RET-2405 the current owner certifies that the contract has no collateral assignment. The new ownership designation cancels all previous designations, and the new address replaces the address on record.⁶

The annuitant cannot be changed when the owner is a non-natural person.⁶

Form RET-7019 is completed when a trust that meets the natural person exception owns the contract, or to change trust information. It is not needed for other trusts, such as a trust buying an immediate annuity.⁷

For life insurance policys. Available to download.⁸

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For annuitys. Available to download.⁶

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For annuitys. Completed by the trustees. Available to download.⁷

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Completed by MONY and Equitable (formerly MLOA) policyholders. Available to download.⁴

Form SVC-119-PL conveys a life policy "absolutely" to the new owner. The current owner warrants the right to transfer and that no bankruptcy proceedings have been instituted and no guardianship or legal disability applies.⁸

The new owner signs Form SVC-119-PL. On a policy already owned by a trust, all applicable trustees must sign.⁸

Legacy Great-West non-qualified individual annuities held outside an employer plan were reinsured to Protective Life on June 1, 2019 (New York business to Protective Life and Annuity Insurance Company), and their retitling follows Protective's rules.⁹