Change in Beneficiary Form - West Virginia

Change in Beneficiary Form is a legal document that was released by the West Virginia Public EmployeesInsurance Agency - a government authority operating within West Virginia.

FAQ

Q: What is a Change in Beneficiary Form?A: A Change in Beneficiary Form is a document used to update the designated beneficiary of a life insurance policy or retirement account.

Q: Why would I need to fill out a Change in Beneficiary Form?A: You may need to fill out a Change in Beneficiary Form if you want to change the person or entity who will receive the proceeds of your life insurance policy or retirement account upon your death.

Q: Do I need a lawyer to fill out a Change in Beneficiary Form?A: No, you do not need a lawyer to fill out a Change in Beneficiary Form. However, it's important to ensure that the form is completed accurately and in accordance with the requirements of your life insurance policy or retirement account.

Q: What information do I need to provide on a Change in Beneficiary Form?A: You will typically need to provide your personal information, such as your name, address, and account number. You will also need to provide the information of the new beneficiary, including their name, relationship to you, and their contact information.

Q: Is there a fee to submit a Change in Beneficiary Form?A: There is typically no fee to submit a Change in Beneficiary Form, but it's always best to check with your life insurance company or retirement account provider to confirm.

Q: Can I change the beneficiary of multiple life insurance policies or retirement accounts with one form?A: It depends on the specific requirements of your life insurance policies or retirement accounts. Some companies may allow you to change beneficiaries for multiple accounts with one form, while others may require separate forms for each account.

Q: What happens after I submit a Change in Beneficiary Form?A: Once you submit a Change in Beneficiary Form, it will be processed by your life insurance company or retirement account provider. They will update their records accordingly and notify you of the change.

Q: Is it possible to change the beneficiary after I submit the form?A: In most cases, you can change the beneficiary after submitting the form. However, you will need to follow the procedures specified by your life insurance company or retirement account provider to make the change.

Q: What should I do with my old Change in Beneficiary Form?A: You should keep a copy of your old Change in Beneficiary Form for your records. It's also a good idea to inform your new beneficiary about the change by providing them with a copy of the new form.