MetLife Change of Ownership Form for Life Insurance

What is a Change of Ownership?

A change of ownership occurs when the policyholder transfers the legal title of a life insurance policy to another person or entity. With MetLife, this process is formalized through a specific application form and supporting documentation.

When You Need the Form

Typical scenarios include gifting a policy to a child, transferring a policy to a business partner, or consolidating several policies under a single owner. The change must be recorded to keep the policy's tax status and beneficiary designations accurate.

Required Documents

Before submitting the form, gather:

• Original policy number and current owner's details.
• Identity verification for the new owner (driver's license, passport).
• Proof of relationship if the transfer is a gift (birth certificate, marriage license).
• Signed release of liability from the current owner.

Filling Out the MetLife Form

MetLife's change of ownership application requires:

• Policy number and current owner's contact information.
• New owner's full name, address, and Social Security number.
• Reason for the transfer (gift, estate planning, etc.).
• Signature of the current owner and a notarized statement if required.

Key Points to Watch

• The new owner must be a legal person or a U.S. citizen/non‑resident alien with a valid SSN or ITIN.• For non‑resident aliens, a copy of the foreign tax identification number may be required.• The policy's tax classification (e.g., "non‑qualified" vs. "qualified" annuity) can change; consult a tax advisor if unsure.

Submitting the Application

Send the completed form and supporting documents to:

Keep copies of everything you submit. MetLife typically processes ownership changes within 4–6 weeks, but delays can occur if additional verification is needed.

After the Transfer

Once MetLife confirms the change:

• The new owner will receive updated policy statements and a new policy number if applicable.
• Beneficiary designations must be reviewed and updated if they rely on the previous owner's status.
• Any outstanding loans or policy loans should be cleared or re‑structured under the new owner's name.

Common Pitfalls

• Forgetting to update the beneficiary list can leave the policy's proceeds in limbo.• Not providing notarized signatures when required can delay the process.• Ignoring tax implications can lead to unintended penalties.

Where to Get Help

• MetLife's customer service: 1‑800‑555‑1234.• Your financial advisor or estate planner for tax guidance.• Local legal counsel for complex ownership structures.