Changing Globe Life Insurance Beneficiaries: A Step-By-Step Guide

Globe Life Insurance offers a range of insurance products, including life insurance, and allows its customers to change their beneficiaries whenever they want. There are two types of beneficiaries: primary and contingent. The primary beneficiary is the person or persons who will receive the death benefit upon the policyholder's death. The contingent beneficiary will receive the benefit if the primary beneficiary is unable to. To change the beneficiary on a Globe Life Insurance policy, customers can download and fill out the Globe Life Policy Change Request Form, providing accurate and complete information, before submitting it to the relevant office.

How to fill out the Globe Life Insurance Policy Change Request Form

To fill out the Globe Life Insurance Policy Change Request Form, follow these steps:

• Review the changes you need to make to your policy. This may include updating your beneficiary, changing your name or address, or modifying premium payor information.
• Fill out the relevant sections of the form, providing accurate and complete information. If you are making a name change, remember to include documented proof.
• Sign and date the request to validate it.
• Submit the completed form to Globe Life. You can mail it to the Globe Life Center at the following address: Attn: Policy Service, Oklahoma City, Oklahoma 73184-0001. Alternatively, if you are a policyholder through the CES Voluntary Benefits program, you can submit the form to your Human Resource Office and fax or email a copy to CBA.
• Keep a copy of the form for your records, and consider sending it via certified mail for tracking purposes.

It is important to submit your change request promptly after any life changes to ensure your policy is up-to-date and accurate.

The two types of beneficiaries: primary and contingent

When it comes to life insurance, there are two types of beneficiaries: primary and contingent.

Primary Beneficiary

The primary beneficiary is the person or entity who will receive the death benefit upon your death. This could be a spouse, a child, a friend, or even a charity. You can have multiple primary beneficiaries, for example, if you want to leave an equal amount for each of your children. In such a case, you can decide the order and amount of the death benefit your beneficiaries will receive.

Contingent Beneficiary

The contingent beneficiary, also known as a secondary beneficiary, is essentially a backup plan. They are next in line to inherit the assets if the primary beneficiary is not alive at the time of your death or is otherwise unable to receive the policy proceeds. Adding a contingent beneficiary ensures that the death benefit goes to the right person and is not claimed by the state or the estate of the insured due to the absence of a beneficiary.

It is important to have both primary and contingent beneficiaries in your will, as a backup plan in case life takes an unpredictable turn.

How to avoid issues with a minor beneficiary

When it comes to life insurance, ensuring your children's financial security is paramount. While it is possible to name minor children as beneficiaries, the process of receiving payment can be complicated. Here are some steps to avoid issues with a minor beneficiary:

Understand the Legal Age Requirements:

Know the legal age in your state for a minor to receive life insurance benefits, which is typically 18 or 21. This information is crucial in planning your estate and naming beneficiaries.

Designate a Legal Guardian:

Consider appointing a trusted adult, such as a spouse or family member, as the legal guardian for your minor beneficiary on the life insurance policy. This guardian will receive and manage the funds on the child's behalf until they reach adulthood. It is essential to choose someone who is financially responsible and will act in the child's best interests.

Set Up a UTMA Account:

Utilize your state's Uniform Transfers to Minors Act (UTMA) to set up a custodial account at a financial institution. This allows you to transfer assets to a minor child and appoint a custodian to manage the funds until the child reaches adulthood. The UTMA provides a straightforward and cost-effective way to ensure your minor beneficiary receives the financial support they need.

Name a Living Trust as Beneficiary:

Consider setting up a revocable living trust and naming it as the beneficiary of your life insurance policy. You can then name the minor as the beneficiary of the trust's assets. A trustee will manage the trust's funds, ensuring the minor receives the intended benefits.

Regularly Review and Update Your Beneficiaries:

Life circumstances can change, so it's important to periodically review your life insurance policy and beneficiary designations. If you experience life changes such as divorce, the death of a beneficiary, or the birth of another child, update your beneficiary information accordingly. Most life insurance companies allow you to change beneficiaries at any time.

Consult an Estate Planning Attorney:

Engage the services of an experienced estate planning attorney to guide you through the process. They can help you navigate the legal complexities, ensure your wishes are carried out, and protect your children's financial interests.

By following these steps, you can help ensure that your minor beneficiary receives the financial support you intend without unnecessary delays or complications.

Reasons to change your beneficiary

There are several reasons why you may need to change the beneficiary on your Globe Life Insurance policy. Here are some key considerations:

• Life Changes: It is important to review your life insurance coverage and beneficiary periodically, especially after significant life events. This includes events such as divorce, the birth or adoption of a child, the death of a beneficiary, or a new estate plan. For instance, if you go through a divorce, you may want to remove your ex-spouse as a beneficiary. Similarly, if a beneficiary passes away before you, it is essential to rename a new beneficiary promptly.
• Ensuring Timely Payouts: If you do not have a named beneficiary, your life insurance proceeds will become part of your estate if you pass away. This means that a court will decide how to distribute the money, which can be a lengthy and complicated process. By updating your beneficiary, you can ensure that your death benefit goes to the right people directly and in a timely manner.
• Avoiding Complications with Minors: If you have young children or minors as beneficiaries, most insurance companies will require you to choose a legal guardian or custodian to manage the benefits on their behalf until they reach the age of majority. If you want the payout to be used for their benefit while they are still minors, you may need to set up a trust or custodial arrangement.
• Multiple Beneficiaries: If you have multiple beneficiaries, it is important to specify how you want the death benefit to be distributed among them. If you do not provide clear instructions, the insurance company will typically divide the benefit equally among them. By updating your beneficiary information, you can ensure that your wishes are carried out accurately.
• Specificity and Clarity: When naming a beneficiary, it is important to be as specific as possible. Instead of using generic terms like "spouse" or "children," it is better to provide full names and other identifying information. This helps to avoid any confusion or disputes regarding the benefits.
• Backup Beneficiaries: In addition to a primary beneficiary, it is a good idea to name a contingent or secondary beneficiary. This person will receive the death benefit if your primary beneficiary is unable to or passes away before you. By having a backup plan, you can ensure that your benefits are paid in a timely manner and are not held up in probate.

Remember, you can change your Globe Life Insurance beneficiary at any time by submitting a change request form to the Globe Life Center. Keeping your beneficiary designations up to date ensures that your benefits are distributed according to your wishes and provides peace of mind for you and your loved ones.

How to specify your beneficiary clearly

Specifying your beneficiary clearly is an important step in setting up your life insurance policy. Here are some tips to ensure you do this effectively:

Provide Full Details

Include your beneficiaries' full legal names, their relationship to you, and their percentage share of the death benefit. This helps the insurance company locate your beneficiaries quickly and efficiently, ensuring they receive their share in a timely manner.

Be Specific

Avoid generic terms like "my spouse" or "children of the insured". This could lead to disputes, especially if there is a change in marital status or within your family structure. Instead, use specific names to ensure there is no ambiguity.

Update Information

Keep your beneficiary information up-to-date. If you experience any life changes, such as divorce, the death of a beneficiary, or the birth of a child, review and update your beneficiary choices if necessary.

Designate a Guardian

If you have named a minor as a beneficiary, you may need to appoint a legal guardian to manage the funds on their behalf. This is because insurance companies may not pay death benefits to anyone under the age of 18.

Contingency Planning

Consider adding a contingent beneficiary, who will receive the benefit if your primary beneficiary is unable to. This could be due to the primary beneficiary's death or their inability to be located. This ensures your benefit is paid in a timely manner and avoids any legal complications.

Distribution Preferences

If you have multiple beneficiaries, specify how you would like your benefit to be distributed. By default, the insurance company will divide the benefit equally, but you can request specific amounts for each beneficiary if you prefer.

Remember, it is important to review and update your beneficiary information regularly to ensure it reflects your current circumstances and wishes.

Frequently asked questions