The Prudential Change Beneficiary Form is a crucial document for policyholders looking to update their life insurance policies' beneficiary designations. This procedure ensures that upon the policyholder's demise, benefits are distributed according to their current wishes. Emphasizing the importance of accurate completion and submission, this form allows for modifications including primary, contingent, and tertiary beneficiaries.
Ready to ensure your life insurance benefits align with your current wishes? Make the necessary updates smoothly by clicking the button below to fill out the Prudential Change Beneficiary Form.
Life often brings changes that necessitate updating your life insurance policies, such as birth, marriage, divorce, or the loss of a loved one. Recognizing this, the Prudential Change Beneficiary Form serves as a vital tool for policyholders under the Prudential Insurance Company of America, Pruco Life Insurance Company of New Jersey, and Pruco Life Insurance Company, enabling them to ensure their life insurance benefits are aligned with their current wishes. This comprehensive form allows for the modification of beneficiaries, whether it's a straightforward change of an individual beneficiary or more complex adjustments involving trusts, creditor designations, or specific distribution instructions. With clear guidelines on how to accurately complete and submit the form, including the review and initialization of any pre-filled information, Prudential ensures policy owners can navigate the process of beneficiary changes with ease. The form also addresses unique scenarios like testamentary trusts and provides for special designations, such as children by representation or percentage allocations among beneficiaries, underscoring Prudential's commitment to accommodating a wide range of policy owner needs. For residents in certain states, additional provisions around beneficiary eligibility due to criminal activity or recognition under Civil Union Acts are outlined, ensuring compliance with state-specific regulations. This careful attention to detail ensures that, regardless of the complexities involved in changing a beneficiary, policyholders have the support and resources necessary to make these significant decisions.
Request to Change Beneficiary on Life Insurance Policies
The Prudential Insurance Company of America
Pruco Life Insurance Company of New Jersey
Pruco Life Insurance Company
All are Prudential Financial companies.
General Information and Instructions (Read the instructions about the change(s) you wish to make)
•Review the accuracy of any pre-filled information. Initial any corrections or deletions that you make to the preprinted text. If you do not, we may not be able to act upon your request.
•Return the completed form in its entirety. Do not send us your policy.
•We will record the change(s) and send a confirmation.
•On these pages, me, my, you, your, and I refer to the owner(s). We, us, and our refer to the Prudential company that issued the policy.
•This form does not provide for every arrangement. If the arrangement you want is not on this form, please contact our Customer Service Office.
Changing Your Beneficiary (Complete the Request to Change Beneficiary section)
1.To help facilitate payment when a claim is made, we need to have certain information about each beneficiary. The information we request for each beneficiary helps us identify and locate the beneficiary for payment. We recognize the confidential nature of the information requested, and we assure you that this information is for our internal use only and will not be shared.
2.Proceeds will be paid in a lump sum unless indicated otherwise in the Additional/Special Beneficiary Requests section. If information about a different method of payment was requested, we have enclosed A Word About Settlement Options. If you have not received it, contact our Customer Service Office.
3.It is important to understand the difference between primary (class 1), contingent (class 2), and tertiary (class 3) categories of beneficiaries.
•Primary beneficiaries will receive any proceeds payable at the insured’s death.
•If no primary beneficiary survives the insured, the contingent beneficiaries will receive any proceeds.
•If neither primary nor contingent beneficiaries survive the insured, tertiary beneficiaries will receive any proceeds.
4.If there is more than one beneficiary in the same class, they will be paid in equal shares or to the survivor(s) of them, unless specified otherwise.
5.Testamentary Trust (i.e., a trust that is established under a will) – A Testamentary Trust should only be named as a beneficiary if the insured’s last will and testament provides for the establishment of a trust. The death benefit can only be paid to a Testamentary Trust if the trust is named in the will and the will is probated. If the Insured’s last will and testament is not admitted to probate, under the terms of the beneficiary arrangement, we will not be able to pay the claim to the contingent beneficiary (or the insured’s estate if no contingent is named) until 18 months after the Insured’s death (or if permitted by law, a shorter period as requested in the Additional/Special Beneficiary Requests section.)
6.Our responsibility for the payment of the proceeds to a Trust ends with payment made to the Trustee(s); we have no responsibility regarding any subsequent distribution made by the Trustee(s).
Special Beneficiary Designations (Use the Additional/Special Beneficiary Requests section)
For the following designations, include the information shown in the quotations (as well as any other identifying information described in this section).
1. Children as a group. (This would include any legally adopted children.) Write“Children of the insured.”
2.Children by representation. (We do not use the term “per stirpes” in our beneficiary designations.)
If a child is not living and therefore not eligible to receive payment, and if any such child’s share is to be distributed equally to his or her surviving children, then write: “his (or her) children by representation” next to any beneficiary this will apply to.
For children as a group write “children of the Insured, their children by representation.”
3. Creditor Beneficiary or Funeral Home.
a.“(Business Name), of (city, state), its successors or assigns, creditor, as its interest may appear.” For entities other than a corporation omit ‘its successors or assigns’. or
b.“(Individual’s name), his/her estate, creditor of the Insured, as his/her interest may appear.”
For any creditor arrangement, be sure to indicate who is to receive any balance. “Pay balance, if any, to Jane Smith, wife.”
(continued)
COMB 98992
Ed. 4/2014
Page A of Instructions
Customer keeps this page
Special Beneficiary Designations (Use the Additional/Special Beneficiary Requests section) (continued)
4. Dollars and Balance Arrangements. Note: Only one dollar amount can be shown.
•“Pay $80,000, or the proceeds, if less, to Jane Doe, wife, and the balance, if any, to John Doe, son.”
5. Percentages and Fractions.
•Percentage arrangement: “Pay 75% to Jane Doe, wife, and 25% to John Doe, son.”
•Fraction arrangement: “Pay ¾ to Jane Doe, wife, and ¼ to John Doe, son.”
In the examples above, if Jane Doe is not living when the insured dies, her share will not be payable to John Doe. If you want that share to be paid to the other beneficiary (or to someone else), then write:
“Pay 75% to Jane Doe, wife, if living, otherwise to John Doe, son; and 25% to John Doe, son, if living, otherwise Jane Doe, wife.”
6.Short Term Survivorship Provision.
If this provision is chosen, any beneficiary who dies after the insured (but within the period of days you specify) will be considered to have died before the insured. The specified period (from 1 to 30 days) must be indicated, as follows: “Include Short Term Survivorship Provision of (1 to 30) days.”
For Kentucky Residents – Additional Information Regarding the Beneficiary Change
The State of Kentucky prohibits a beneficiary from collecting benefits under an insurance policy if convicted of taking the life of the decedent or of certain felonies involving abuse, neglect or financial exploitation of the decedent resulting in a loss to the decedent of more than $300 in financial or other resources, or both.
The forfeiture will not occur if:
•The insurance policy was executed prior to January 1, 2012.
•The felony was committed prior to January 1, 2012.
•The decedent, knowing of that person’s conviction, reaffirms that person’s right to receive the policy benefits by executing a new policy, or requesting a beneficiary change on an existing policy, which names that person as a beneficiary.
If a forfeiture occurs, and there are no other beneficiaries, the forfeited interest shall be paid to the State for deposit into the elder and vulnerable adult victims trust fund.
Important Notice – Civil Union Act
If your state has enacted a Civil Union Act or similar legislation, which provides that parties treat civil unions and marriages equally in all aspects, we are providing this notice to confirm that we comply with all states Civil Union Acts or similar legislation.
Page B of Instructions
Please print using blue or black ink.
Initial any corrections or deletions that you make to the preprinted text.
About Your Policy
You can use this form to make changes to more than one policy as long as each policy insures the same person(s) and has the same owner, and you are requesting the same changes for each policy.
Policy number(s) (eight or nine characters)
_______________________ _______________________ _______________________ _______________________
Name of insured (first, middle initial, last name)
Name of joint insured, if any (first, middle initial, last name)
Has your mailing address, telephone number(s), or e-mail address changed?
Complete this section only if you are requesting a permanent change in your mailing address, have a new telephone number(s), or e-mail address.
Full address
Telephone number: Home
Mobile (Cell)
e-mail address
Mailing Instructions
Unless otherwise indicated in this section, confirmation of the change(s) will be mailed to the owner at the address in our records.
Name of Recipient of confirmation (first, middle initial, last name)
Request to Change Beneficiary (This revokes all prior beneficiary designations)
All beneficiaries need to be restated even if they are not being changed. For example, if you are changing only the contingent beneficiary, you must restate the primary beneficiary. If more space is needed for additional beneficiaries, use the Additional/Special Beneficiary Requests section.
A. To name individual beneficiary(ies), complete the following:
Primary
Contingent
Name (first, middle initial, last name)
Tertiary
Relationship to insured
Date of birth
Soc. Sec. no.
Page 1 of 3
Return this page to Prudential
Request to Change Beneficiary (continued)
B. To name a trustee under a living (inter-vivos) trust agreement , (the trust must already be in existence) complete the following:
Name of current trustee(s)
Date of trust agreement
/
Trust is (check one) Irrevocable Revocable
Name of trust
Telephone #
Trust taxpayer identification #
Note: Whenever possible, include confirmation of the trust information by providing a copy of those pages of the trust documentation that show the name of the trust, name(s) of the trustee(s) and date of the trust.
C. To name a trust that will be established under the Insured’s Last Will and Testament (i.e. Testamentary Trust), check one of the following:
Primary
Contingent
Note: You may wish to consult legal counsel before choosing this arrangement. Only choose this arrangement if the insured’s will provides for the establishment of a trust. Trusts that are established prior to the insured’s death are not testamentary trusts. To name a trust that has already been established as a beneficiary, complete B above. Please refer to #5 in the Changing Your Beneficiary section on Page A of Instructions for additional information.
D. To name the insured’s estate as your sole beneficiary, check the following:
The insured’s estate. If choosing the insured’s estate, no other beneficiary can be selected.
E. To name a business/organization, complete the following:
Tertiary
Name of business/organization
Employer taxpayer identification #
Type of business/organization
Corporation
Limited Liability Company
Name of sole proprietor (if applicable)
Partnership
Other
Sole Proprietorship
Additional/Special Beneficiary Requests
Use this section to name an additional beneficiary, a class or group not shown in the Request to Change Beneficiary section, or to select a payment option for your beneficiary.
For each additional individual beneficiary or member of a class or group (i.e. Children of the Insured), please provide the class (primary, contingent, tertiary), their full name, relationship to the insured, date of birth, social security number, address, home and/or mobile (cell) telephone number(s) and e-mail address.
Ed. 4/2014Page 2 of 3
Signature(s)/Signature Requirements (Always complete)
Your request cannot be processed without the correct signature(s), date, and applicable documentation.
•For individual policyowner(s), the person (or persons if there are joint owners) that owns the policy must sign.
•For corporations, an authorized officer must sign. Be sure to include the title of the officer and the company name.
•If president – no additional requirements
•If vice president – for policies over $1,000,000, provide a Corporate Secretary’s statement reflecting the vice president’s authority to sign
•If any other officer – provide a corporate resolution
•For limited liability companies (LLC), a copy of the document that identifies who is authorized to act on behalf of the LLC (e.g. operating agreement) must be submitted. The individual(s) authorized to act should sign and include his/her title and the company name.
•For partnerships (LP, LLP, and LLLP), the form should be signed by at least two general partners, followed by the title “general partner” after each signature. If the company only has one general partner, then the sole general partner should sign followed by the title “sole general partner”. Also, include the company name.
•For sole proprietorships, submit the signature of the owner, followed by “doing business as (company name), a sole proprietorship.“
•For trusts, the trustee(s) must sign and include the title “trustee” after their signature. The name of the trust must also be indicated in the space provided for Business/Trust name. All trustees must sign unless the trust itself or state law provides otherwise.
•A holder of a power of attorney for the policyowner must sign the form and include the title “attorney-in-fact for (owner’s name).” In addition, a copy of the power of attorney papers must be submitted along with the request.
•For guardian (conservator) of the estate - sign as “guardian of the estate of (name of ward)”. A copy of the guardianship papers must also be submitted. Depending on the rights granted by the guardianship papers or the state, a court order authorizing the change may also be required.
•For a policy containing a limitation of rights, the person or entity in whose favor the rights have been limited must also sign.
By signing this form, I:
•certify that I am authorized to sign this form,
•certify that the change(s) being requested are not subject to, or in conflict with, any prior agreement, legal proceeding, or court/administrative order, which restrict, limit, or otherwise prohibit such change(s), including, but not limited to divorce or bankruptcy proceedings,
•authorize all request(s) made on this form, both preprinted and handwritten, which are subject to the terms and conditions of the policy,
•request a waiver of any policy provision that requires me to send Prudential the policy for endorsement of the change(s),
•certify that the policy(ies) is/are in my possession and that no other person has any claim or interest in it/them, except for a collateral assignee under any assignment now on record with Prudential,
•certify that if the owner is a corporation or partnership, that it is not under receivership, trusteeship, or conservatorship, and/or has not been dissolved, and if a partnership, that no notice of disassociation has been filed by any partner, and
•understand that any endorsement that Prudential may issue will conform to its rules and practices.
X
Current owner’s signatureDate signed month/day/year
Current joint owner’s signature(s) (if applicable)
Date signed month/day/year
Signer’s title (for business/trust owned only)
Business/Trust name (if applicable)
For Massachusetts residents only
State law requires that a disinterested adult, who is not a party to the policy, witness any request to change the beneficiary arrangement. Your Prudential representative may sign as a witness.
Witness’ signature (Massachusetts only)
Ed. 4/2014Page 3 of 3
Filling out the Prudential Change Beneficiary form is a crucial step to ensure that the proceeds of your life insurance policy are allocated according to your wishes upon your passing. The process involves specifying who should receive the benefits, whether they are individuals or entities such as trusts, and how these benefits should be divided. In following these instructions, make sure to review and accurately complete each section, as this will facilitate the payment process to your designated beneficiaries. After submitting the form, Prudential will record the changes and send a confirmation, solidifying your intentions and giving you peace of mind.
Upon receipt, Prudential will process your request to change beneficiaries as indicated. You will receive a confirmation of these changes. It is important to keep a copy of this confirmation for your records and to communicate these changes with your designated beneficiaries, ensuring transparency and avoiding any confusion in the future.
How do I change the beneficiary on my Prudential life insurance policy?
To change the beneficiary on your life insurance policy, please fill out the Prudential Change Beneficiary form completely. This means restating all beneficiaries, even those you are not changing. Remember to initial any corrections or deletions to the preprinted text and return the form as instructed. You do not need to send us your actual insurance policy. Once we receive your completed form, we will update the beneficiary information and send you a confirmation.
Can I use one form to change beneficiaries on multiple policies?
Yes, you can use a single form to change beneficiaries on multiple policies, as long as each policy insures the same person(s), has the same owner, and you are requesting the same changes for each policy. Just make sure to list the policy numbers for all policies you wish to update.
What information do I need to provide about the new beneficiary?
You need to provide detailed information about each beneficiary to ensure they can be properly identified and located for payment. For each beneficiary, include their full name, relationship to the insured, date of birth, Social Security number, full address, and contact information, including telephone number and email address.
How do I specify a different method of payment for the proceeds?
If you wish for the proceeds to be paid out using a different method than a lump sum, you can indicate your preference in the Additional/Special Beneficiary Requests section of the form. If you need more information on settlement options, please contact our Customer Service Office.
Can I name a trust as a beneficiary?
Yes, you can name a trust as a beneficiary. If you are naming a living (inter-vivos) trust, please complete section B of the form. If the trust will be established under the insured's Last Will and Testament (Testamentary Trust), refer to section C of the form. Make sure to consult with legal counsel if you have any questions regarding naming a trust as a beneficiary.
What if I make a mistake on the form?
If you make any mistakes or need to make corrections on the form, please initial next to the changes. It’s important that your initials are beside any corrections or deletions to verify your acknowledgment of these adjustments. If there is insufficient space or you make a significant mistake, it may be best to start with a new form to ensure clarity.
What special guidelines apply for Kentucky residents regarding beneficiary changes?
For Kentucky residents, there are special regulations that prohibit a beneficiary from collecting benefits if convicted of certain crimes involving the decedent. This includes convictions for taking the life of the decedent or felonies involving abuse, neglect, or financial exploitation resulting in significant loss. If a forfeiture occurs due to these reasons, the forfeited interest will be paid to the State for deposit into the elder and vulnerable adult victims trust fund. Exceptions apply if the policy was executed before January 1, 2012, among other conditions.
Filling out a Prudential Change Beneficiary form can seem straightforward, but mistakes are more common than one might think. One common error is not reviewing the accuracy of pre-filled information. Occasionally, details might be outdated or incorrect. It’s essential to initial any corrections or deletions made to this preprinted text to ensure the form is processed without delays.
Another mistake involves the beneficiary section. Often, individuals change only one beneficiary but fail to restate the others. This form requires all beneficiaries to be restated, even if they are not being changed. Overlooking this detail can lead to unintended beneficiaries or the exclusion of desired ones.
Not considering the need for contingent or tertiary beneficiaries is a significant oversight. Many people designate a primary beneficiary but forget to think about what happens if that primary beneficiary predeceases them. Listing contingent and tertiary beneficiaries ensures that your wishes are fulfilled no matter the circumstances.
Similarly, not fully understanding the distribution method can complicate the settlement for your beneficiaries. Specifying whether the proceeds should be paid in a lump sum or through a different method is crucial for carrying out your intentions. Without clear instructions, your beneficiaries might receive the proceeds in a manner that you didn’t intend.
Misunderstandings around special beneficiary designations, like trusts or minors, can also lead to complications. For instance, naming a Testamentary Trust as a beneficiary requires that the trust is explicitly mentioned in your will. Without these details, the benefits might not be distributed as you had hoped.
Another common mistake is not specifying dollar amounts or percentages clearly when there are multiple beneficiaries. Without clarity, the division of proceeds might end up being contested or distributed equally by default, which might not align with your wishes.
Choosing a Short Term Survivorship Provision without understanding its implications can be problematic. This provision considers a beneficiary who dies shortly after the insured as having predeceased them. Not being mindful of the specified period can inadvertently disqualify your intended beneficiary.
Lastly, failing to sign the form correctly or not providing necessary documentation for the policy owner’s identity can invalidate the entire request. For business or trust-owned policies, the appropriate signatories, titles, and potentially additional documentation are required to process the change.
When updating your life insurance policy through the Prudential Change Beneficiary form, it is vital to have a comprehensive approach to ensure your estate and financial plans align with your current wishes. To support the change in beneficiary instruction, a few additional documents and forms are often used together with the Prudential form to secure a well-rounded estate and insurance plan.
Collectively, these documents work in tandem with the Prudential Change Beneficiary form to safeguard your intentions, providing clarity and direction for the handling of your assets after your death. It’s advisable to consult with a legal professional to ensure that all paperwork is correctly filled out and that all necessary supporting documents are in place. This way, you can have peace of mind knowing your beneficiaries and your estate are properly taken care of according to your wishes.
The Will (also known as a Last Will and Testament) is a foundational document that shares similarities with the Prudential Change Beneficiary form due to its role in designating beneficiaries for an individual's assets upon their death. Much like the Prudential form, a Will explains who will receive specific assets and in what proportion. Both documents are vital for ensuring that an individual's wishes are followed regarding the distribution of their estate or policy proceeds after they pass away.
A Power of Attorney form, which allows an individual, the principal, to designate another person, the agent, to make decisions on their behalf, parallels the Prudential form in its fundamental purpose of assigning responsibilities to others. Although the Power of Attorney typically covers decisions made during the principal's lifetime, it reflects the same principle of selecting individuals to act in one's stead, much like choosing beneficiaries to receive benefits after one's death.
Trust Agreements are legal arrangements where a trustee holds assets on behalf of beneficiaries, similar to how life insurance proceeds are managed and disbursed based on the specifications in the Prudential Change Beneficiary form. Both arrangements detail how and to whom assets or benefits will be distributed. Trust agreements can be especially similar when they are used to designate how assets—often including life insurance proceeds—are to be managed and distributed after death.
The Transfer on Death (TOD) designation is a provision in many financial accounts that allows assets to be transferred directly to a specified beneficiary when the account holder dies, bypassing probate. This mirrors the beneficiary change form's functionality in life insurance, where the proceeds are paid directly to the designated beneficiaries without passing through the estate, offering a streamlined process to transfer assets upon death.
The Uniform Transfers to Minors Act (UTMA) accounts allow gifts or transfers to a minor to be managed by a custodian until the child reaches the age of majority. Like the Prudential Change Beneficiary form, UTMA accounts involve designating beneficiaries (in this case, the minor) and appointing individuals (the custodians) to manage the assets on behalf of the beneficiary, aligning in their structured approach to managing and distributing assets for the benefit of others.
Filling out a Prudential Change Beneficiary form requires careful attention to detail and strict adherence to the instructions provided. Here are nine dos and don'ts to ensure the process is completed correctly:
By following these guidelines, you can help ensure your beneficiary designations are processed smoothly and reflect your current wishes accurately.
When updating or changing beneficiaries on a Prudential life insurance policy, understanding the process is crucial to ensuring your wishes are followed. However, there are common misconceptions about the Prudential Change Beneficiary form that can create confusion. Here are eight of those misconceptions clarified for better understanding:
Understanding these aspects ensures that the process of changing a beneficiary on a Prudential life insurance policy is smoother and more in line with the policy owner's intentions. For any arrangements not covered by the form or if there’s any doubt, reaching out to Prudential's Customer Service Office is a wise step. It's always a good practice to review your beneficiary designations periodically or after significant life events to ensure that your life insurance benefits will be distributed according to your current wishes.
When it comes to managing life insurance policies, keeping beneficiary information up to date is crucial. The Prudential Change Beneficiary form is a key document for policy owners who need to make changes to their designated beneficiaries. Here are nine essential takeaways to understand before and while filling out the form:
By carefully reviewing and accurately completing the Prudential Change Beneficiary form, policy owners can ensure their life insurance benefits will be paid according to their wishes. Remember, keeping beneficiary information updated is a critical part of managing your life insurance policy effectively.
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