When clients visit Valor Insurance to discuss their life insurance, the question of who they can list as an insurance beneficiary sometimes arises. Our Pennsylvania customers can list any individual or organization as the beneficiary of their life insurance policy. If you want to add or change your beneficiaries, request a beneficiary designation form from our office.
Typical Beneficiaries Named in Life Insurance Policies
Commonly, people make their nearest relative the beneficiary, but you can make anyone your beneficiary. A policy owner can also make a trust or an organization, such as a non-profit, the beneficiary. A policy can contain only one beneficiary or divide the policy value between many beneficiaries. That means you can name your spouse, children, and favorite charity in your life insurance policy. Divide the awards evenly or designate amounts using percentages.
Information You’ll Need to Name a Beneficiary
For any person you designate, you’ll need their full name, Social Security number (SSN), and sometimes, their physical address and phone number. To name an organization, you’ll need its legal name, physical address, phone number, and federal employer identification number (FEIN). The Internal Revenue Service (IRS) uses the FEIN like an SSN, but for organizations.
This information allows the insurance company to find and contact the person or organization. Their SSN lets us create federal reports and complete forms required by the Internal Revenue Service (IRS).
Contact Us Today
Call or email Valor Insurance. We serve Pennsylvania with the life insurance its residents need to protect their future. Let us help you start a new policy or add a beneficiary to your existing one.