Life Insurance Leads Paterson New Jersey NJ
Reader’s Question:
I have life insurance from a local insurer in Paterson New Jersey NJ. Is there any way I could get to change the beneficiary on my life insurance policy?
Janine
Paterson, NJ
Changing the beneficiary on a life insurance policy is generally a simple matter. You’ll need to contact your insurance company in Paterson New Jersey NJ and follow its instructions for executing a change of beneficiary. Beneficiary change requests for your life insurance must be done in writing, usually on a form that your life insurance company will provide. Some insurance companies actually make an endorsement, which servese as a physical change to your insurance policy. This is to reflect the new beneficiary, but this is mostly unusual.
In some cases though, changing the beneficiary on your life insurance policy can be a lot more difficult process to do. If you have already designated an irrevocable beneficiary for your life insurance, you are not allowed to make changes to this designation without first getting your current beneficiary’s consent. If you live in a community property state, it is compulsory that your spouse must give his or her consent before you can name anyone else as your beneficiary.
If you intend to change your beneficiary as a result of divorce, then better make sure you comply with the terms of your divorce decree in Paterson New Jersey NJ. Your settlement agreement might require you to maintain life insurance coverage with your ex-spouse as your life insurance policy’s beneficiary. You will no longer be in the position to legally change the beneficiary with such case. You have to keep in mind too that if you designated your spouse as beneficiary while you were married, divorce will not result to any changes with this. In the event that you do not want your ex-spouse to receive the benefits of your life insurance policy, if your divorce decree does not require you to maintain that coverage, then you need to execute a change of beneficiary.
Whatever it is that you do, do not make the mistake of thinking that you can change the beneficiary of your life insurance policy through your own will. Any change of beneficiary specified in your will does not really override the original beneficiary designation of your life insurance policy. Make sure you follow the procedures established by your insurance company in Paterson New Jersey NJ if you want to change the beneficiary.
Loading ...