How to Update Your Life Insurance Beneficiaries: A Step-by-Step Guide

Keeping your life insurance beneficiaries up-to-date is one of the most important parts of maintaining your policy, but it’s also one of the most commonly overlooked. Life changes fast. Marriage, divorce, new children, new financial priorities… and if your beneficiary designations don’t reflect your current wishes, the payout may not go where you intended.

This simple step-by-step guide will walk you through exactly how to update your beneficiaries and avoid potential problems down the road.

Step 1: Review Your Current Beneficiary Designations

Start by checking who’s currently listed on your policy.

You can find this information by:

• Looking at your most recent policy documents

• Logging into your online customer portal

• Calling your insurance company or agent

Make sure:

• Names are spelled correctly

• Percentages match your intentions

• All relationships and contact information are accurate

Step 2: Decide Who You Need to Add, Remove, or Modify

Life events that typically require updating beneficiaries include:

• Marriage or divorce

• Having a child

• Adoption

• Death of a previously listed beneficiary

• Wanting to change benefit percentages

• Adding contingents (backup beneficiaries)

Think through who depends on you financially today, not when you first bought the policy.

Step 3: Collect the Information You Need

For each new beneficiary, gather:

• Full legal name

• Date of birth

• Social Security Number (optional but recommended)

• Relationship to you

• Percentage they should receive

If you’re removing someone, be prepared to provide a reason (e.g., “no longer applicable”).

Step 4: Complete a Beneficiary Change Form

Your insurance company will require an official form to update your designations. You can usually request this through:

• Your insurance agent

• Customer service

• Your online policy portal

Fill out the form completely and accurately. Double-check spelling, percentages, and dates. Then sign and date the document.

Step 5: Submit the Form to Your Insurance Company

Depending on the carrier, you can submit your beneficiary form by:

• Uploading it online

• Email

• Mail

• Fax (for older carriers)

Follow the instructions exactly so your request isn’t delayed.

Step 6: Confirm Your Changes Were Processed

This is a step many people forget, but it’s crucial.

Once you submit the form:

• Call or email the insurance company

• Ask for confirmation that the update has been completed

• Keep a copy of your new designations with your important documents

You should never assume the change went through until you’ve received confirmation.

Final Thoughts

Updating your life insurance beneficiaries isn’t complicated, but it is critical. Keeping your designations current ensures that the right people receive the benefit when your family needs it most.

Review your beneficiaries:

• Every 1–2 years

• After major life changes

• Whenever your financial responsibilities shift

If you ever have questions or need help making updates, reach out to your insurance agent — they can walk you through the process quickly and ensure nothing gets missed.