Page 2 of 2 Order #114834 10/28/2016
SUGGESTED BENEFICIARY DESIGNATIONS
Personal Beneficiaries
1. If one individual is to be designated, use full legal name thus – “Anna May Smith,” not “Mrs. John Smith.”
2. If two individuals are to be named, designate as follows: “Anna May Smith, wife and Dorothy Smith Andrews, daughter, in equal shares, or
the survivor.”
3. If three or more individuals are to be named, designate as follows: “Anna May Smith, wife, Dorothy Smith Andrews, daughter, and William Smith, son,
or the survivors, in equal shares, or the survivor.”
4. If one or more secondary beneficiaries are to be named, they may be designated individually as follows: “Anna May Smith, wife, if living, otherwise
Joseph Smith, father, and Elizabeth Smith, mother, in equal shares, or the survivor;” or
(a) If all children of the marriage are to be named secondary beneficiaries, designate them collectively rather than individually as follows: “Anna May
Smith, wife, if living, otherwise the then surviving children, if any, born of insured’s marriage with said wife, in equal shares.” (This designation will
include children born later without the necessity of changing the designation.)
(b) If all children of the marriage are to be named secondary beneficiaries and a second alternate beneficiary is to be named, designate as follows:
“Anna Smith, wife, if living, otherwise the then surviving children, if any, born of insured’s marriage with said wife, in equal shares, or if said wife is
not living and there is no such child, James Smith, father.”
(c) If children not of the present marriage are to be included, designate as follows: “Anna May Smith, wife, if living, otherwise John Smith and Mary
Smith, children, and any other child or children born of insured’s marriage with said wife, or the survivors, in equal shares, or the survivor.”
Custodian for a Minor Child
5. If naming a Custodian for a minor child, name the Custodian and the Minor Child. For example: “Anna May Smith as custodian for William Smith under
the applicable Uniform Transfer to Minors Act/Uniform Gifts to Minors Act.”
Estate
6. If an estate is named, specify whose estate, such as: “Estate of the Insured.”
Trustee
7. Trustee under the last will and testament of the insured, or his successors in trust, PROVIDED, HOWEVER, that if no claim is made by said Trustee within
one year from the date of death of the insured or if the insured shall die leaving no last will and testament containing a trust covering this policy, the
proceeds shall be payable to the estate of the insured. Payment of the proceeds of this policy to said Trustee or successors in trust shall fully and finally
discharge the Company from all liability.
8. “The [XXXXXXXXXXXX] Trust Company, trustee under written trust agreement date [XX/XX/XXXX], or its successor or successors in trust, and payment
of the proceeds of this policy to said Trustee or successor or successors shall fully and finally discharge the Company from all liability.”
Business Partners
9. Under a cross ownership plan, designate the surviving partners as beneficiaries. For example, for insurance on the life of John Jones, designate “Henry
Smith and William Brown, partners, in equal shares, or the survivor.” Similar designation may be made for the other partners.
Just as a corporation may be the owner and beneficiary of a policy, a partnership may, in the partnership name, own and be the beneficiary of a policy.
The firm name should be used together with the words, “a partnership.” For example, “Jones, Smith and Brown, a partnership presently consisting of
John Jones, Henry Smith and William Brown.”
Irrevocable Beneficiary
10. If you want to name a beneficiary that you can not change without his/her consent, designate him/her as irrevocable beneficiary, such as: “Frank Jones,
as irrevocable beneficiary.” Then if you change the designation in the future, both you and the irrevocable beneficiary must sign the front of the form.
Funeral Home
11. [XXXXXXXXXXXX] Funeral Home “as their interest lies” and also name a second primary beneficiary of your choice to receive any benefit not used by
the funeral home. The percentage column should be left blank as the funeral home will receive the amount of their service.
Your Primary and Contingent Beneficiary Designations must each equal 100%
(see examples circled below)
:
BENEFICIARY ALLOCATION EXAMPLE
Name (First, Middle Initial, Last)
1
Birth Date Gender SSN/TIN Relationship % Beneficiary Type
1
John, D, Smith 01/01/1961
c M c F
123-45-6789 husband 50
c Primary
c Contingent
Address 147 70 Street, Key West, FL 12314 Phone ( 954 ) 216-7895
2
Jan, D, Smith 01/01/1981
c M c F
345-67-8910 daughter 50
c Primary
c Contingent
Address 148 71 Street, Key West, FL 12314 Phone ( 345 ) 123-8984
3
Sam, M, Jones 01/02/1932
c M c F
222-22-2222 father 25
c Primary
c Contingent
Address 147 70 Street, Key West, FL 12314 Phone ( 954 ) 652-8654
4
Sally, D, Smith 01/01/1945
c M c F
333-33-3333 mother 75
c Primary
c Contingent
Address 148 71 Street, Key West, FL 12314 Phone ( 954 ) 123-5688
The Primary Percentages
add up to 100%
The Contingent Percentages
add up to 100%
