The Modern Woodmen 948 form is a critical document used to request changes regarding beneficiaries or names related to policies held with Modern Woodmen of America. It serves as a formal declaration by the policyholder to amend previous designations, ensuring that proceeds are payable to new beneficiaries or that a name change is officially recognized by the organization. To make these important updates, the form must be filled out with precision, adhering to the instructions provided, and submitted for acknowledgment. Click the button below to begin the process of filling out the form accurately.
Understanding the nuances of the Modern Woodmen 948 form is essential for managing beneficiary designations and name changes effectively. Embedded in the principles of Modern Woodmen of America's commitment to providing clarity and flexibility to its members, this form serves as a vital tool for policy owners. Located in Rock Island, Illinois, Modern Woodmen not only emphasizes the importance of precisely printing information in black or dark blue ink but also outlines specific instructions for modifications to ensure accuracy and prevent common errors, such as the prohibition against using white-out. By revoking all previous beneficiary designations, the form allows for the specification of principal beneficiaries, contingent beneficiaries, and even the designation of proceeds to a living trust or under the insured's will — each option requiring detailed information that includes names, relationships, social security numbers, and addresses. Furthermore, it provides a venue for selecting the method of settlement for the proceeds, ranging from a one-sum payment to leaving the proceeds with the society to earn interest, subject to conditions outlined. Noteworthy is the form's stipulation that no change in beneficiary shall be deemed effective until acknowledged in writing by the National Secretary, anchoring its significance in the processing of these critical requests. The additional provision for name changes due to life events such as marriage, adoption, or divorce further enhances the form's utility, requiring detailed documentation for such adjustments. With its comprehensive approach to beneficiary designation and personal information updates, the Modern Woodmen 948 form stands as a cornerstone document for policy owners, ensuring that their intentions regarding their policies are clearly understood and properly executed.
Request for Change of Beneficiary or Name
Modern Woodmen of America
1701 1st Avenue
Rock Island, Illinois 61201 1.800.447.9811 www.modern-woodmen.org
Insured’s Full Name: _________________________________________________
Social Security No. _____________________ Certificate No. _______________
Please see instructions on reverse before completing. Please print all information in black or dark blue ink.
Line through and initial any errors or corrections. Do NOT use white-out.
I hereby revoke all previous beneficiary designations and request that the proceeds shall be payable to: Principal Beneficiary (Required) – Equally to the surviving principal beneficiaries unless otherwise indicated.
Named Individuals – Enter the requested information for each named individual.
First, Middle Initial, Last
Address
Relationship
Date of Birth
Social Security No.
Living Trust – Name of Trust ________________________________________________________ Date of Trust _________________
Grantor/Executed by ________________________________________ Trustee(s) _________________________________________
Final Beneficiary: Name ________________________________________________________
_____________________
Trust under Insured’s Will. Final Beneficiary: Name ___________________________________
Estate of Insured. If choosing this option, DO NOT enter additional names in the Principal or Contingent Beneficiary section.
Contingent Beneficiary (Optional) – If no principal beneficiary survives the Insured, then equally to the surviving contingent beneficiaries unless otherwise indicated.
Date of Birth Social Security No.
Estate of Insured. If choosing this option, DO NOT enter additional names in the Contingent Beneficiary section.
Method of Settlement – Complete in all cases
One Sum
Deposit at Interest (Proceeds left with the Society to earn interest)
Other: Specify: _____________________________
(Unless otherwise specifically requested, the beneficiaries shall have the right to change the method of settlement.)
No change of beneficiary shall be effective until such change is acknowledged in writing by the National Secretary. When so acknowledged, the change will take effect on the date this request was signed, subject to any payment made or other action taken by the Society before such acknowledgment.
Signed at (City, State) ____________________________________
Witness X ______________________________________________
(Signature of Witness - A person other than a beneficiary)
Witness is:
Agent: Region __________ Agent No. _________
Other: Printed Name ________________________
Relationship_______________________________
/
Date __________________________________________________
Month
Day
Year
X___________________________________________________
(Signature of Owner/ Applicant)
Street Address __________________________________________
City, State, Zip __________________________________________
Change of Address Telephone No. _______________________
Form 948 (Rev. 3-12)
*00869*
(SEE PAGE 2 FOR CHANGE OF NAME)
Request for Name Change
Insured’s Full Name (Print)
Certificate Number
The name of the
Insured
Owner has been changed to: (Print) _____________________________________________________
New complete legal name (First, Middle, Last, Suffix)
The reason for the change is:
Marriage
Adoption
Divorce
Other (Specify): _________________________________________________
If selecting Other, please provide copy of legal documentation.
X_____________________________________________________
Date ______________________________________
Signature of Insured or Owner
Signature of Witness
Witness is Agent: Region _____ Agent No. _______
Other: Printed Name ___________________________________
Instructions for Change of Beneficiary Request – Page 1
The beneficiary designation will remain unchanged until the properly completed form is received and acknowledged in writing at our
Home Office.
If a change of beneficiary is desired on more than one
Trust (Inter Vivos Living Trust):
The trust must be in effect
certificate, a separate form should be completed for each
at the time the beneficiary designation is completed. It is
certificate.
necessary to furnish the name of the trust, the date the trust
Designate beneficiary(ies) by selecting the check box next to
was executed, who executed it, and the name of the trustee(s).
the appropriate category(ies) and then complete requested
A final beneficiary must be named to receive the proceeds if
information.
the trust is not properly qualified or fails to make claim within
This change of beneficiary form, once acknowledged, will
120 days from the date of death.
automatically revoke all prior beneficiary designations.
Trust under Insured’s Will (Testamentary Trust):
The
Therefore, even if a principal or contingent beneficiary is to
proceeds paid according to the Insured’s Last Will and
remain, such beneficiary must be renamed on this form.
Testament.
The owner/applicant completing this form cannot specify how
a beneficiary is to use the proceeds.
The proceeds for minor beneficiaries are held by the Society
until they attain legal age, unless a court-appointed guardian of
Method of Settlement. All or part of the proceeds may be left
the minor’s estate properly requests payment prior to that time.
with Modern Woodmen under a settlement option.
If Deposit
Beneficiaries for a minor Insured must always have an
at Interest or any Other Optional Method of Settlement is
insurable interest in the life of the child. Insurable interest is
selected and a principal beneficiary (payee) is eligible to
when an individual is responsible either in whole or in part for
receive payment but dies before any of the proceeds have
the care and welfare of the child. A parent or a grandparent is
been paid, then, unless otherwise provided, the proceeds will
automatically assumed to have an insurable interest in the
be paid to any then surviving principal beneficiaries; if none, to
child’s life.
any then surviving contingent beneficiaries; if none, in one sum
Named Individuals:
When naming individual beneficiaries,
to the estate of the payee.
If One Sum is selected and a
print the full
names
of the desired principal and contingent
beneficiary is eligible to receive payment but dies before any of
the proceeds have been paid, then, unless otherwise specified,
beneficiaries,
their
addresses, their
relationships to the
the proceeds
will
be
paid
in one sum
to the beneficiary’s
Insured, dates of birth and Social Security numbers. Proceeds
estate.
Deposit
at Interest
may
not be
selected
for
a tax
will be paid
equally
to the surviving
principal
beneficiaries
qualified certificate, such as an IRA.
unless otherwise indicated. The proceeds will be paid to the
person(s) named in the contingent beneficiary section only if
Signature Required.
The person having legal control of the
no principal beneficiary survives the
Insured.
If additional
certificate should sign the beneficiary change request using his
space is needed, attach a signed and dated sheet. Note: This
or her full name. All signatures must be original.
space may also be used to name corporations, businesses, or
Date.
The application should be dated with the month, day
charitable organizations. Include address, city, state and
and year it is signed.
taxpayer ID if applicable.
Witness. The signature should be witnessed by an adult other
than one named as a beneficiary.
Questions:
Please contact
your
Modern
Woodmen
Representative or our Home Office at 1-800-447-9811.
Form 948B (Rev. 3-12)
(SEE PAGE 1 FOR CHANGE OF BENEFICIARY)
Completing the Modern Woodmen 948 form is a significant step towards ensuring your wishes are honored regarding the designation of beneficiaries or a change of name associated with your policy. This process requires careful attention to detail to ensure the information provided is accurate and aligns with your intentions. Once this form is submitted and acknowledged by Modern Woodmen, it will override all previous designations, making it crucial that you review and complete each section thoroughly.
Once your form is fully completed and signed, submit it to the address provided at the top of the form: Modern Woodmen of America, 1701 1st Avenue, Rock Island, Illinois 61201. The change will not take effect until it has been received and formally acknowledged by Modern Woodmen. This process ensures that your latest wishes about beneficiaries or your policy's associated name are accurately recorded and legally recognized.
What is the Modern Woodmen 948 form used for?
The Modern Woodmen 948 form is utilized to request changes to the beneficiary or name on a policy with Modern Woodmen of America. This includes revoking previous beneficiary designations and specifying new beneficiaries or altering the name of the insured due to life events such as marriage, divorce, or adoption. The form ensures that policy records are current and reflect the policy owner's wishes accurately.
How can I submit the Modern Woodmen 948 form?
To submit the form, fill out all required sections in black or dark blue ink, ensuring any corrections are lined through and initialed without the use of white-out. Then, send the completed form to the Modern Woodmen office address provided on the form. Remember, a change in beneficiary or name is not effective until acknowledged in writing by the National Secretary of Modern Woodmen.
Can I change the beneficiary on more than one certificate with a single 948 form?
No, if you desire to change the beneficiary on more than one certificate, a separate 948 form must be completed for each certificate. This ensures clear and accurate processing of beneficiary changes for each policy held under Modern Woodmen of America.
How do I designate a new beneficiary on the 948 form?
To designate a new beneficiary, select the appropriate category for the beneficiary (Principal, Contingent, or Trust) and provide all requested information, such as full names, addresses, relationships to the insured, dates of birth, and Social Security numbers. For trusts, include the name of the trust, date executed, grantor, and trustees. The completed form will automatically revoke all prior beneficiary designations, so it is critical to include any beneficiaries you wish to remain in place.
What happens if a named beneficiary is a minor?
If a beneficiary designated on the form is a minor, the proceeds from the policy will be held by Modern Woodmen until the beneficiary reaches legal age, unless a court-appointed guardian of the minor’s estate requests payment beforehand. It's important to ensure that minors have a designated guardian or use a trust to manage the proceeds until they come of age.
Is a witness required when submitting the 948 form?
Yes, the signature on the Modern Woodmen 948 form must be witnessed by an adult who is not named as a beneficiary on the form. This requirement helps ensure the authenticity of the request and protects the interests of all parties involved. The witness must provide their signature, printed name, and relationship to the insured or owner, along with the date the form is signed.
Filling out the Modern Woodmen 948 form, which serves as a request for change of beneficiary or name, requires careful attention to detail. One common mistake is not using the correct ink color. The form explicitly states that all information must be printed in black or dark blue ink. This might seem trivial, but using any other color can render the form invalid or cause processing delays. It’s crucial for individuals to adhere to these seemingly minor details to ensure their form is accepted without issue.
Another error frequently encountered is the improper correction of mistakes. The form clearly instructs to line through and initial any errors or corrections, explicitly prohibiting the use of white-out. This procedure maintains the integrity and traceability of changes made on the document. Unfortunately, some individuals overlook this instruction, leading to complications or even the need to complete a new form. Properly correcting mistakes, as directed, can save time and prevent the frustration of processing delays.
A further mistake involves the beneficiary designation section. The form allows for detailed specifications regarding principal and contingent beneficiaries, including the option to designate trusts or estates. However, individuals often miss filling out necessary details such as the full names, addresses, relationships, dates of birth, and social security numbers of the beneficiaries. Skipping these details can leave the beneficiary designation incomplete, potentially leading to disputes or confusion during the claim process. It’s essential to complete this section thoroughly to ensure the intended parties are clearly documented.
Last, but not least, the form’s finalization involves a signature from the owner/applicant and a witness signature, which cannot be from a named beneficiary. Sometimes, applicants miss the witness requirement or mistakenly have it signed by a named beneficiary. This oversight can invalidate the form or necessitate its re-submission. Ensuring that a suitable witness, who is not a beneficiary, signs the form, validates the change request and helps facilitate a smooth processing experience.
Completing the Modern Woodmen Form 948 for changing a beneficiary or name involves more than just filling out this single form. It's a process that usually requires gathering and completing additional forms and documents to ensure that all your information is up-to-date and accurately reflects your current wishes. Understanding these forms and their purposes can help streamline this process.
Accompanying the Form 948 with the proper supplemental documentation ensures a smooth transition and helps safeguard your intentions regarding your life insurance policy. It's a crucial step in maintaining the relevance and effectiveness of your policy in line with life's changes. Always consult with a legal advisor or the insurance company to ensure you have all the necessary documentation in place.
The Modern Woodmen 948 form, focused on the request for change of beneficiary or name, shares similarities with a life insurance change of beneficiary form typically used across the insurance industry. This form also allows policyholders to update beneficiary information, ensuring that the proceeds of the policy go to the intended individuals or entities after the policyholder's demise. Just like the Modern Woodmen 948 form, it requires detailed information on the new beneficiary or beneficiaries, including their names, relationships to the insured, and contact details. Moreover, it’s common for both forms to necessitate a written acknowledgment from the insurance company to validate the changes, safeguarding the policyholder’s intentions and the beneficiaries' interests.
Another document that resembles the Modern Woodmen 948 form is the annuity change of beneficiary form. Annuitants use this form to designate or update the beneficiary information for their annuity contracts. Similar to the Modern Woodmen form, the annuity beneficiary form demands specific details about the new beneficiary, such as their relationship to the annuitant, personal identification information, and the proportion of proceeds to be allocated if there's more than one beneficiary. Both documents play a critical role in estate planning, ensuring that the annuity proceeds are distributed according to the annuitant's wishes upon their passing.
The request for change of beneficiary form for a retirement account, such as a 401(k) or IRA (Individual Retirement Account), also shares similarities with the Modern Woodmen 948 form. Retirement account holders use this form to update their beneficiary designations, an essential step in retirement planning. Both types of forms require the account holder to provide detailed beneficiary information and might include options for how the funds should be distributed. They reflect the account holder's intent for the eventual disbursement of account funds, ensuring that the retirement savings are transferred to the designated individuals or entities.
The trust amendment form is another similar document. This form is utilized to make changes to a living trust, including updating the beneficiary designations. Like the Modern Woodmen 948 form, it requires detailed information about the new beneficiaries and their relationship to the trustor. Both forms are vital tools in estate planning, allowing for the smooth transition of assets to the beneficiaries while potentially avoiding the probate process. They ensure the trust reflects the current wishes of the trustor regarding who should benefit from the trust after their death.
Lastly, the payable on death (POD) account designation form found in banking shares similarities with the Modern Woodmen 948 form. Account holders use it to designate beneficiaries for their bank accounts, ensuring that the funds in the accounts are directly transferred to the named beneficiaries upon the account holder's death, bypassing probate. As with the Modern Woodmen form, the POD designation requires the account holder to provide names, relationships, and other pertinent details for each beneficiary. Both forms serve as critical estate planning tools, facilitating the direct transfer of assets to intended recipients upon the account holder’s or policyholder’s death.
When it comes to updating beneficiary information or making any changes to your Modern Woodmen 948 form, there are several dos and don’ts that can streamline the process and help ensure that your wishes are accurately reflected. Taking careful steps to complete this document can bring peace of mind to both you and your loved ones.
Things You Should Do
Things You Shouldn't Do
Following these guidelines when filling out the Modern Woodmen 948 form will help ensure that your changes are processed smoothly and accurately reflect your wishes. Taking the time to complete the form carefully is an important step in managing your policy and protecting the financial future of your beneficiaries.
Understanding the Modern Woodmen 948 form is essential for policyholders. However, there are common misconceptions about this form. Here are six misconceptions explained:
Only family members can be beneficiaries: This is incorrect. While many choose family members as beneficiaries, the form allows for naming individuals, businesses, corporations, or charitable organizations as either principal or contingent beneficiaries.
White-out can be used for corrections: The instructions clearly state that white-out should not be used for corrections. Instead, any errors should be lined through, initialed beside the correction, and all information should be printed in black or dark blue ink.
A change request immediately alters the beneficiary designation: A common misconception is that once the form is submitted, the beneficiary change is instant. However, the change is not effective until it is received and acknowledged in writing by the National Secretary at Modern Woodmen's Home Office.
The form is only for changing beneficiaries: While it primarily serves to change beneficiaries, the Modern Woodmen 948 form also includes a section for changing the name of the insured due to marriage, adoption, divorce, or other legal reasons. The misconception that it's solely for beneficiary changes overlooks this important functionality.
Beneficiaries can be minors without additional stipulations: When naming minors as beneficiaries, it's important to understand that the proceeds are held by Modern Woodmen until the minor reaches legal age, unless a court-appointed guardian of the minor's estate requests payment earlier. This detail often goes unnoticed, leading to misunderstandings about minor beneficiaries.
Any settlement option can be selected regardless of the policy type: The selection of a settlement option, such as "Deposit at Interest," must comply with the rules surrounding the specific policy type, like an IRA, which cannot choose this option due to qualifying conditions. Not all options are universally applicable, contradicting the assumption that settlement method is a completely open choice.
Understanding these points ensures policyholders make informed decisions when completing the Modern Woodmen 948 form.
Filling out the Modern Woodmen 948 form properly is crucial for ensuring that your desires regarding beneficiary designation or name changes are executed according to your wishes. Here are ten key takeaways you should remember while completing this form:
Bearing these considerations in mind and following the detailed instructions provided by Modern Woodmen of America can streamline the process of making beneficiary or name changes. It's always advisable to consult with a professional if you have any questions or need clarification on specific fields or requirements.
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