How to name beneficiaries and fund a trust at Sun Life

A group life designation applies to Basic, Optional, Voluntary, AD&D or other group life insurance under the group policy. Dependent Life benefits are payable to the employee.¹

An existing trust can be named on the group form, with wording such as "Jane Doe, Trustee of the Doe Family Trust, dated 1/1/2001".¹

The individual life form has a section to designate a trust as primary or contingent beneficiary, giving the trust name, date of trust, trustee name and TIN.²

The trustee under a will can be named on the group form, with wording such as "Proceeds to be paid to the Trustee under my Last Will and Testament".¹

The individual life form has a section to designate a person as primary or contingent beneficiary.²

The individual life form has a section to designate an entity as primary or contingent beneficiary.²

On the group form, primary and secondary (contingent) beneficiaries are named with percentage shares, and each class must total 100%. Without percentages, surviving beneficiaries in a class share equally.¹

On an individual policy, all owners and irrevocable beneficiaries sign. A fiduciary signs in that capacity and attaches the authorizing documents if Sun Life does not have them on file.²

For a trust-owned policy, the designated trustees sign with the word "trustee" after their name. For an estate-owned policy, the court-appointed representative signs, including certified copies of documents.²

For life insurance policys. Completed by the employee, returned to the employer; members on Waiver of Premium send it to Sun Life. Available to download.¹

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For life insurance policys. Available to download.²

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A new group life designation replaces any prior beneficiary designation. Unless you specifically instruct otherwise, the designation is revocable.¹

On an individual policy, the new designation cancels all prior beneficiary designations. An irrevocable beneficiary cannot be changed without that beneficiary's written consent.²

On an individual policy, if no contingent beneficiary is designated, the contingent beneficiary defaults to the estate of the insured.²

On an individual policy, any payment due to a minor beneficiary is made to the legally appointed guardian of the minor's estate, unless otherwise permitted by law.²

If no contingent owner is designated and the primary owner dies before the insured, ownership defaults to the estate of the primary owner.³

In New York, group insurance is issued by Sun Life and Health Insurance Company (U.S.) and uses the "SLHIC NY Beneficiary Designation" form.⁴

In New York, individual life beneficiary changes use the Sun Life and Health Insurance Company (U.S.) version of the form (LGFM-11253 NY).⁵

Ownership of an individual term, whole or universal life policy can be transferred to a trust.³

For life insurance policys. Available to download.³

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For life insurance policys. Available to download.⁶

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When a trust owns the policy, the designated trustees sign policy changes with the word "trustee" after their name.⁶

A change of trustee is made with the Trustee Certification/Affidavit.⁶

Changing the owner does not change the beneficiary designation.³

The Trustee Certification/Affidavit needs notarization only in Michigan.⁶