How to name beneficiaries and fund a trust at Securian Financial

For group coverage, when no beneficiary is named, benefits are paid to the default beneficiary listed in the certificate of insurance.¹

A person can be named as a beneficiary.²

A charity can be named as a beneficiary.²

A trust can be named as a beneficiary.²

The owner's estate can be named as a beneficiary.²

A testamentary trust is designated as "Testament trust established under the Last Will and Testament of [name]".³

Each beneficiary is marked primary or contingent with a share percentage, and shares within a class must total 100%.³

If no class is indicated, all beneficiaries are considered primary. If no percentages are indicated, the beneficiaries in each class share equally.³

The contract owner signs and dates the form, or someone authorized on the owner's behalf by power of attorney or conservatorship. If the owner is a trust, the trustees sign.³

A signature by a power of attorney or a conservator requires a notary or a signature guarantee.³

For annuitys. Completed by the contract owner, or someone authorized on the owner's behalf. Available to download.³

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Completing the Beneficiary Change Request (F58397) revokes all current beneficiary designations.³

Complex or conditional beneficiary designations are not accepted on the Beneficiary Change Request (F58397).³

A change of owner or annuitant does not change the beneficiary designation. The beneficiary is changed separately on the Beneficiary Change Request (F58397).⁴

Several riders terminate on an ownership change unless the new owner is essentially the same person, for example a change from individual ownership to a trust for the benefit of that individual.⁴

Securian's Estate Preservation Agreement, on Eclipse Survivor II IUL only and available only at issue, provides four years of additional term coverage to help offset estate taxes if a transferred policy is included in the insured's estate.⁵

For annuitys. Completed by the old owners and the new owner. Available to download.⁴

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Securian describes an irrevocable life insurance trust (ILIT) as a trust created to own life insurance outside the insured's estate, where the trustee applies for the policy.⁶

Securian's SLAT and BLAT variants of the ILIT give a spouse or a child access to cash values.^{7, 8}