Topics

Beneficiary Information

• What is a Beneficiary?
  The beneficiary is the person(s) designated in the policy to receive the death proceeds in the event of the Insured's death.

  Did this answer your question? Yes / No
  
  
• Can I designate my minor child as a beneficiary?
  Yes. If proceeds become payable to a child during his/her minority, we will pay the court-appointed guardian for the estate of the child. The minor's parent automatically serves as guardian of the minor's person but not his/her estate.

  Alternative suggestion: The policyowner should consider designating a Custodian to receive, manage, invest and distribute the proceeds for the minor under the Uniform Transfers to Minors Act. Ex: John Doe as custodian for Bobby Smith, a minor born 3/3/98, under the NY UTMA. When the minor reaches the age of majority, the custodianship terminates and the balance of any funds are distributed to the child.

  Did this answer your question? Yes / No
  
  
• Can I designate my revocable trust as beneficiary?
  Yes, simply indicate the name of the trustee(s), the name of the trust, the date of the trust and the name(s) of the grantors in Section 1 of the Title Change Form. Sample wording: XYZ Bank as trustee or the successor trustee under an agreement known as the John Smith Living Trust dated 01/01/98, made by and between John Smith and said trustee. Click here for a printable form.

  Did this answer your question? Yes / No
  
  
• When is my change of beneficiary effective?
  Any change of beneficiary will take effect as of the date the form was signed, provided is has been accepted and recorded at the Operations Center, subject to any payment made by us or action taken by us before receipt of the request at our Operations Center.

  Did this answer your question? Yes / No
  
  
• Can I designate multiple persons as primary beneficiary?
  Yes. Simply indicate the relationship(s) to the insured person(s) along with the full names of the proposed beneficiaries. All primary beneficiaries should be listed in Section 1 under First Beneficiary(ies). Joint beneficiaries will receive equal shares proportionate to the number of those beneficiaries who survive the insured.

  Did this answer your question? Yes / No
  
  
• What should I do to change my beneficiary now that I am recently married?
  A Title Change form (10481) should be completed, dated and signed. Indicate the new beneficiaries in Section 1 (be sure to indicate the full name and relationship of each person to the insured). Your change of name can also be indicated on the form in the space directly under the policy number. Click here for a printable form.

  Did this answer your question? Yes / No
  
  
• Must I complete a new change of beneficiary request form to reflect a change in the beneficiary's name due to marriage or divorce?
  No. Simply write to us at:

  MONY Life of America
  P. O. Box 4830
  Syracuse, NY 13221

  advising us that your beneficiary, Jane Doe, has changed her name to Jane Smith. Provide her new address, if appropriate. We will make note of this information. No forms are necessary. Please be sure to include your policy number(s).

  Did this answer your question? Yes / No
  
  
• Can I use one form to change the beneficiary on all of my MONY policies/contracts?
  Multiple policies may be indicated on each Title Change form (10481). However, separate forms must be used for each insured,except in the case of a Multi-Life policy. Click here for a printable form.

  Did this answer your question? Yes / No
  
  
• What is a Rights holder?
  The person who can exercise rights is the rights holder of the policy. This term is synonymous with Owner, the individual who can exercise all rights under the provisions of the policy.

  Did this answer your question? Yes / No
  
  
• How does a Divorce impact my Beneficiary Designation?
  If you are required to designate an ex-spouse or children as beneficiary(ies) pursuant to a divorce decree or order, then the decree should be submitted to us. We will conform the beneficiary designation to the terms of the decree. If you currently have your ex-spouse listed as beneficiary, then you should either change the beneficiary to reflect your new choice of beneficiary or to reconfirm your desire to designate the ex-spouse despite the divorce. In most states, a divorce does not automatically extinguish the rights of an ex-spouse as beneficiary. Therefore, an Insured who inadvertently leaves his/her ex-spouse as beneficiary of record may cause payment of the death benefits to the ex-spouse even though such payment is contrary to his/her intent.

  Did this answer your question? Yes / No