How do I change the beneficiary of my life insurance?
Ready to shop for life insurance? You can change the beneficiaries of your life insurance by contacting your insurance company. You’ll need to submit a change of beneficiary form online, on paper, or over the phone. The form will ask for personal information about your beneficiary, such as:
Who can be a life insurance beneficiary?
Who Can Be a Life Insurance Beneficiary? The beneficiary on your life insurance policy is the person who will receive the payout from the insurance company if you die.
What happens if you never change your beneficiary?
If you never change your beneficiary and they predecease you, your life insurance proceeds will go to a contingent beneficiary or your estate. Once the payout becomes part of your estate, a court decides who gets the money. Providing for the people who will benefit from your life insurance policy is why you buy coverage in the first place.