Friend As Beneficiary?

[kelso]

Do all carriers let you use a change form for a friend?

Also, do they need to be notarized?

 

[smokin goose]

Do all carriers let you use a change form for a friend? Also, do they need to be notarized?

It depends on the company on the notary part. I know Trinity/FBL requires it.

 

[ganewbie]

I ran in to same thing today with foresters. I put friend on app. Here's what they said;

"As a fraternal company, Foresters must limit their beneficiary designations to those who are financially dependent upon the applicant. As friends are not normally financially dependent upon one another, we will need you to provide further information. Please advise as to how the designated beneficiary will suffer financially upon the untimely death of the applicant."

His friend is basically a live in caretaker/companion. He does NOT require any activities of daily living to be done by her though. So how do I get around this? Does he have to pay her each month for it to be issued and how would I describe her?

 

[goillini52]

I ran in to same thing today with foresters. I put friend on app. Here's what they said;

"As a fraternal company, Foresters must limit their beneficiary designations to those who are financially dependent upon the applicant. As friends are not normally financially dependent upon one another, we will need you to provide further information. Please advise as to how the designated beneficiary will suffer financially upon the untimely death of the applicant."

His friend is basically a live in caretaker/companion. He does NOT require any activities of daily living to be done by her though. So how do I get around this? Does he have to pay her each month for it to be issued and how would I describe her?

Would "Sugar Daughter" work? Is he her "Sugar Daddy"?

 

[ganewbie]

I'm thinking "significant other".

 

[VolAgent]

Fraternals are generally tougher on beneficiary designations before issue. However, I have never seen them reject one after issue, that was properly filled out. I believe it may be part of their fraternal status with the state.

In the past I would list estate as beneficiary on the policy and then have the policyholder switch it after issue.

 

[HoosierLife]

Man I've come a long way since the original post.

 

[LostDollar]

Man I've come a long way since the original post.

So I was just curious. I'm assuming the original post was back when you first started- and now you have agents working under you.

With the six years of knowledge and experience, How would you respond to one of your new agents presenting you with that question?

 

[HoosierLife]

So I was just curious. I'm assuming the original post was back when you first started- and now you have agents working under you.

With the six years of knowledge and experience, How would you respond to one of your new agents presenting you with that question?

He's close as a brother right??

 

[theinsuranceman]

I always thought insureable interest is directed towards the owner of the policy, not the beneficiary.