How to Change a Beneficiary on an Investors Life Insurance Company of North America Policy

Changing the beneficiary on an Investors Life Insurance Company of North America (ILNA) policy is a straightforward process, but it requires the correct form, supporting documentation, and adherence to state regulations. This guide explains exactly what you need, how to fill out the ILNA Beneficiary Change Form, where to submit it, and what to expect after filing.

Why Updating Your Beneficiary Matters

Beneficiary designations override a will and dictate who receives the death benefit. An outdated beneficiary can cause probate delays, tax complications, or unintended distribution of funds.

Types of Beneficiary Designations

Primary vs. Contingent

A primary beneficiary receives the benefit first; a contingent (or secondary) beneficiary receives it only if the primary cannot.

Individual, Trust, and Entity Options

ILNA allows individuals, trusts, charities, and legal entities. Each has different documentation requirements.

When to Use the ILNA Beneficiary Change Form

Use the form any time you want to:

• Add, remove, or rename a beneficiary
• Change the percentage of the death benefit each beneficiary receives
• Convert an individual designation to a trust or vice‑versa

If you are changing a policy owner or making a court‑ordered change, additional forms may be required.

Obtaining the Correct Form

The official form is titled "Beneficiary Change Request – Investors Life Insurance Company of North America." It can be downloaded from the ILNA website, requested via phone (1‑800‑555‑1234), or obtained through your licensed insurance agent.

Step‑by‑Step Completion Guide

1. Gather Required Information

Before you begin, collect:

• Policy number
• Full legal name and Social Security number of each beneficiary
• Current beneficiary designations (as listed on your latest statement)
• Proof of identity (driver's license or passport)

2. Fill Out the Form Sections

Section A – Policy Information: Enter the policy number, your name as the insured, and the date of the request.

Section B – Current Beneficiary Details: List existing beneficiaries and their percentages. This helps ILIL verify the change.

Section C – New Beneficiary Details: Provide the name, relationship, SSN, date of birth, and percentage for each new or updated beneficiary. Percentages must total 100%.

Section D – Signature & Notarization: Sign and date the form. Many states require a notarized signature; ILNA's instructions note that a notary seal is mandatory for changes involving trusts or corporate entities.

3. Attach Supporting Documents

Attach copies of:

• Legal documents establishing a trust (if naming a trust)
• Corporate resolution (if naming a corporation or LLC)
• Marriage certificate or divorce decree (if changing a spouse's status)

4. Submit the Form

Mail the completed form and attachments to:

Investors Life Insurance Company of North AmericaAttn: Beneficiary ChangesPO Box 12345City, State ZIP

Or fax to 1‑800‑555‑6789. Some agents accept electronic copies through a secure portal.

Processing Timeline and Confirmation

ILNA typically processes beneficiary changes within 10–15 business days after receipt of a complete, notarized request. You will receive a written confirmation showing the updated beneficiary list. If there are errors or missing documents, ILNA will return the form with instructions.

Common Pitfalls and How to Avoid Them

• Incorrect percentages: Percentages must add to 100%; otherwise the change is rejected.
• Missing notarization: For trusts or entities, a notarized signature is non‑negotiable.
• Out‑of‑state forms: Use the ILNA form, not a generic insurance beneficiary change form.
• Failure to update contingent beneficiaries: Forgetting to name a contingent can leave the benefit to the state if the primary cannot be located.

Legal and Tax Considerations

Beneficiary changes can affect estate tax liability and the step‑up in basis for inherited assets. Consult a tax professional if you are naming a trust or making large adjustments.

Frequently Asked Questions

Can I change a beneficiary online?

ILNA does not currently offer a fully online beneficiary change; the paper form remains the official method.

Do I need a lawyer to change a beneficiary?

No, but legal advice is recommended for trusts, charitable entities, or complex family situations.

What if the insured is deceased?

Beneficiary changes cannot be made after death; the policy will pay the benefit to the beneficiaries on record at the time of death.

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