How to Change the Beneficiary on a Nationwide Life Insurance IRA

Understanding Beneficiary Changes for a Nationwide Life Insurance IRA

Changing the beneficiary on a Nationwide Life Insurance IRA involves contacting the insurer, completing the appropriate form, and confirming the update in writing. The process is similar to other IRA custodians but may require specific documentation that reflects Nationwide's policies.

Why Update a Beneficiary?

Life events such as marriage, divorce, the birth of a child, or the death of an original beneficiary often necessitate a change. Keeping the beneficiary designation current ensures that the account passes according to your intentions and avoids probate delays.

Steps to Change the Beneficiary

1. Gather Required Information: You will need your policy number, Social Security number, and the full legal name, date of birth, and relationship of the new beneficiary.

2. Obtain Nationwide's Beneficiary Change Form: The form is available on Nationwide's website under the "IRA Forms" section or can be requested by phone.

3. Complete the Form Accurately: Provide the new beneficiary's details, indicate the type of interest (primary, contingent, etc.), and sign where required. If you are naming multiple beneficiaries, allocate percentages that total 100%.

4. Submit the Form: Send the completed form to the address or fax number listed on the form. Certified mail is recommended for tracking.

5. Confirm the Change: After processing (typically 7‑10 business days), Nationwide will send a written confirmation. Review it carefully to ensure the information matches your request.

Key Considerations

• Spousal Consent: If you are married in a community‑property state, the spouse may need to sign the form.

• Tax Implications: Changing a beneficiary does not trigger taxes, but the new beneficiary will inherit the IRA's tax‑deferred status.

• Multiple Beneficiaries: Percentages must add up to 100%; otherwise, Nationwide may default to the primary beneficiary.

Common Pitfalls to Avoid

• Not updating the form after a divorce, which can leave an ex‑spouse as the default beneficiary.

• Forgetting to sign the form, causing processing delays.

• Using an outdated form; always download the latest version from Nationwide's official site.

Where to Find Help

Nationwide's customer service line (1‑800‑847‑6635) can guide you through the form and answer specific questions. Additionally, the "Help Center" on the website offers downloadable PDFs and FAQs.

Summary Checklist

• Locate your policy number and personal ID.
• Download the current beneficiary change form.
• Fill in new beneficiary details and allocate percentages.
• Obtain any required spousal signatures.
• Send the form via certified mail or fax.
• Wait for written confirmation and verify accuracy.