Life Insurance Orlando FLorida FL
Reader’s Question:
How can I change my beneficiaries? My children are financially stable now and I want to change the name of the beneficiaries to my grandchildren. Is this possible for my life insurance in Orlando, Florida FL?
Lola
Orlando, FL
Hello Lola.
You’re a generous grandparent. Anyway, it’s easy to change the name of the beneficiaries only if there is no provision in your life insurance policy that beneficiaries are irrevocable. If it is revocable indeed, you just need to fill up some forms to change the beneficiary to your grandchildren signed by an attorney, of course. To start doing this, you simply have to contact your life insurance company or agent there in Orlando FL and they will guide you through the process.
If the beneficiaries of your life insurance policy are irrevocable, you have to involve the existing beneficiaries to the change. In other words, they have a “say” to the change. And if they do agree to let their children become the new beneficiaries you would still need to involve a lawyer to get through the process. Remember this is a case of changing the contract so a legal arrangement is needed.
Most life insurance policies has an irrevocable beneficiaries provision because, although beneficiaries are not the main party of the contract, they are the ones who receive the benefits. Changing it without proper legal documentation and process would lead to confusion as to who will receive claims on the death coverage. You could imagine different beneficiaries trying to get the money of the life insurance when the insured die if there is no such order in the provision.
Tags: life insurance, life insurance benefits
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