If for any reason you need to change the beneficiary of your Life insurance, it is important that you know the formalities that you will have to carry out this procedure quickly and safely. Follow this complete guide and find out everything you need to know.

Hiring Life insurance is essential when it comes to ensuring the well-being of your family in the event of an accident or illness that costs you your life.

As you should already know, these policies are always associated both with the value of a premium and with one or more beneficiaries, who will be the ones who will receive the agreed money in the event that the owner dies.

As a general rule, the choice of the beneficiary or beneficiaries is made at the time of contracting the insurance with your company and their names must be clearly stipulated in the contract.

However, there are circumstances that make the insurance holder want or have to change the beneficiary.

Let’s review in this guide which are the most common situations that lead to a change of beneficiary and the steps to follow to carry out this procedure.

Who are, generally, the beneficiaries of Life insurance?

In the vast majority of cases, the main beneficiaries are usually the policyholder’s spouses, children, and parents. There are situations where business associates are also on this list.

Normally, the insured names his beneficiaries expressly, designating them with names and surnames. However, the holder can choose a generic form, where he will name the beneficiaries according to their relationship.

It is important to remember that many insurers offer the possibility of naming contingent beneficiaries, who make up the second option of the holder.

This type of beneficiary will only receive the insurance payment in the event that the main beneficiary or beneficiaries cannot or do not want to receive the part of the money that corresponds to them.

When can the beneficiary of Life insurance be changed?

The holder of Life insurance can change part or all of its beneficiaries at any time within the duration of the contract and as many times as it deems appropriate.

There are innumerable reasons that can cause a person to change the beneficiary of their policy, however, marriage, divorce, or the death of the latter are one of the most common causes.

In any of these situations, you should not forget to review your Life insurance.

How is the change of beneficiary of Life insurance requested?

The change of beneficiary of Life insurance is a relatively simple and easy procedure to carry out, however, it is important to know the procedure and the legal forms necessary to carry out this formality in complete safety.

There are two ways to modify the beneficiary designation of a policy of this type:

  1. By means of written communication sent to the insurance company.
  2. Expressly indicating it in the will.

Change of beneficiary by written letter

If you wish to make the change of beneficiary by means of a written letter, you must complete the form provided by your company and stipulate the data of the new person (s) that will appear in the policy, such as:

  • Names and surnames
  • Social Security number
  • Address
  • Relationship

Generally, in this document, two people who do not belong to those mentioned in the list of beneficiaries are requested to testify of the fact.

Do not forget that if you want to register two or more beneficiaries, you must enter what percentage of the policy will correspond to each one.

Change of beneficiary by will

Another way to change the beneficiary of your Life insurance is expressly indicating it in the will. In this case, The law will take into account the wishes of the deceased as long as it has been stipulated in the Certificate of last wills.

This document certifies whether the policyholder has made a will before a notary public in which the provisions contained in the current insurance contract could be altered.

To make the will valid over what is stipulated in the policy, the company must request this document and validate what is stipulated in it.

What exceptions exist when wanting to change the beneficiary of Life insurance?

Although the holder of Life insurance can change the beneficiary at any time and as many times as they want, there are some exceptions that you should know.

  • If you have contracted your policy and have irrevocably designated a beneficiary, you will not be able to change it even if you wish.
  • If when you change beneficiary you violate any law.


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