Arizona Tribune - 5 Steps to Take if Your Life Insurance Beneficiary Passes Away

1. Review your policy

Start by reviewing your policy to see how the insurer and the policy handle beneficiary selection and what happens if a beneficiary passes away.Insurers may let you change beneficiaries, but you must follow the correct procedure.

The policy may contain steps to take or proof you must provide to demonstrate that a beneficiary has passed away. It may also specify what to do if you have a sole beneficiary who passes or a situation where you have multiple beneficiaries, and one passes away.

For example, if it's a sole beneficiary, you'd have to remove them as a beneficiary and name a new one. If you have multiple beneficiaries, you'd have to remove the deceased from the policy and decide what to do with their share of the death benefit.

2. Determine your new beneficiary arrangement

After reviewing your policy, determine your new beneficiary arrangement. This depends on your goals and the financial situation of your loved ones.For instance, if you have several beneficiaries, you may decide to reallocate the deceased's share to other beneficiaries in any manner you choose.Another example may be if the deceased was the only individual you'd like to pay the death benefit to. In this case, you may decide to change your beneficiary to a charitable organization.

3. Notify your insurance company

Once you know the process for changing beneficiaries and have determined your desired new arrangement, promptly contact your insurer and inform them about the beneficiary's passing. Provide them with the beneficiary's information. They will guide you through the process and provide you with the necessary paperwork. Send them any proof they need, such as a death certificate.

4. Add contingent beneficiaries

Contingent beneficiaries are "secondary" beneficiaries that would receive the death benefit should primary beneficiaries pass away before you. Having contingent beneficiaries gives you a layer of security knowing there will be no gap of time with unallocated coverage if a primary beneficiary passes away.You should consider adding contingent beneficiaries if you have none yet. If you do have some already, consider adding more if some of the contingent beneficiaries have passed away.

5. Inform all other beneficiaries

Death benefits do not pay out automatically when you pass away. A beneficiary must contact your insurer and file a claim on your policy. Beneficiaries should be informed of their status on the policy.Keeping them all in the know ensures that when you pass away, any of them could file a claim to have the death benefit paid out.

Meet your life insurance payout wishes

Many get life insurance to leave behind a legacy and help protect their loved ones when the policyholder dies, so it can be jarring when a beneficiary passes away first.If this happens, review your policy and determine your new beneficiary arrangements. Then, contact your insurance company to start the process of changing primary beneficiaries and adding or updating contingent beneficiaries.Finally, inform all beneficiaries of the changes made and other relevant information.Now that you know what to do, you can look for life insurance quotes and weigh factors like whole life insurance pros and cons to find a good policy for your needs or adjust your current policy.

Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.

Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.

Aflac life plans - A68000 series: Term Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68200, A68300 & A68400. In New York, Policies NY68200, NY68300 and NY68400. Whole Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368100. In Delaware, Policy A68100. In New York, Policy NYR68100. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Not available in Delaware. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.

Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).

In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.

Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY, VA or VT. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.

Aflac WWHQ | Tier One | 1932 Wynnton Road | Columbus, GA 31999

Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211

Z2500168 EXP 4/26

CONTACT:

Senior PR & Corporate Communications
Contact: Angie Blackmar, 706-392-2097 or [email protected]

SOURCE: Aflac

View the original press release on ACCESS Newswire

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