What is my Role as the Beneficiary?

, you have been named to receive the death benefit (or a portion of it) from a life insurance policy when the policyholder dies. In addition, other financial products such as bank accounts and 401K accounts distribute funds to named beneficiaries.

At the time you were named a beneficiary, the policyholder should have given the insurance company or financial information your name, address, and possibly your Social Security Number.

When the policyholder dies, your role is to fill out claim forms, provide proof of the insured’s death, and collect the funds. If the policyholder had a will or trust, many of the estate’s proceeds will be distributed through the executor of the estate. However, financial products with designated beneficiaries generally pay the benefits directly to the beneficiary, not to the estate.

When the institution finds out about the death, they will attempt to contact all beneficiaries which can be difficult if the beneficiary has moved or changed their name. As a beneficiary, it’s in your best interest to contact the institution and start the process. You will need to fill out claim forms and provide certified copies of the death certificate. If you are the sole beneficiary, you may receive your claim quickly. However, if multiple beneficiaries are named, your portion may be withheld until all claims have been filed.


	more Q&A sessions like this
	Who should I choose as my Beneficiary? What is a Beneficiary? What is Life Insurance? Should I update my Life Insurance Policy when I get Married? How soon will we receive a check from a Life Insurance Policy? How can I find out if I’m the beneficiary on a life insurance policy? Can a minor be a beneficiary on a life insurance policy? What is a death benefit? What is Variable-Universal Life Insurance? Does Life Insurance cover a Suicide? Who inherits Heath Ledger's estate? What are Employee Benefits?