Changing Beneficiary for Life Insurance Policy Montana MT
Reader’s Question:
I live here in Montana, and I just want to know the whole process of changing the beneficiary on my life insurance. Can anyone please help me?
Aaron
Billings, MT
Aaron, you need not worry because the whole process of changing the beneficiary on your life insurance policy is generally easy. You just have to consult with your life insurance provider there in Montana and ask them and follow their instructions on the process of changing your beneficiary. Usually, they would give you a form to be filled out and filed with them because requests for change of beneficiary have to be in writing.
But if you have assigned someone as an irrevocable beneficiary on your life insurance policy, things could get tough. This is because it is not permitted for you to just change the beneficiary without the consent of the current one. So, you will have to acquire the consent of the current beneficiary in order for you to be able to designate another.
It is also another case for changing of beneficiary resulting from divorce. Since you have to make sure that you follow the terms of your divorce settlement, you may only change your beneficiary if you are not required to have your ex-wife keep the title of beneficiary on your life insurance coverage. But if your settlement agreement requires you to maintain your ex-wife as beneficiary, this is a case that you will have to discuss with your lawyer.
In any case, do not make the mistake of trying to change your beneficiary through your will. Certain processes have to be followed. A change of beneficiary through your will has no effect, and it is not going to be recognized.
Tags: life insurance, life insurance beneficiary, life insurance policy
