FAQs

To add or change your beneficiary, please provide the full legal name, address, telephone number, date of birth and social security number. This information enables us to locate your beneficiary much faster, and this information will remain confidential until time of claim.

There are three classes of beneficiary designations available. The class designation determines the order in which New York Life will pay your life insurance benefits. The person(s) or entity listed in the first class will receive the insurance benefits when the insured passes away. To receive the death benefit, the first class beneficiary must survive the insured by 15 days.

If there is no surviving first class beneficiary, or the first beneficiary is disqualified under the law, the death benefit will be paid to the beneficiary listed in the second class, provided they survive the insured by 15 days. If there are no beneficiaries listed in the second or third classes and the first class beneficiary is deceased, the insurance benefits will be paid to the insured’s estate.

If your beneficiary predeceases you, we request that you update your beneficiary designation. The change may be made online or via a beneficiary designation form.

If no changes are made, we will honor the benefit to any first beneficiaries who are still living, unless the benefit was designated as per stirpes. If all first beneficiaries have predeceased the insured, the benefit will be paid to the second or third beneficiaries, if you’ve designated any.

In the event there are no surviving beneficiaries, the benefit will be paid to your estate. If no estate exists, New York Life has the option to pay the benefit to your next of kin in the following order: spouse or domestic partner, children equally, parents equally or siblings equally. This option requires your next of kin to provide a survivorship affidavit in order to claim benefits. This form will be provided at the time of the claim.

It is important to have the most current beneficiary information on file. In the event we don’t, New York Life will conduct numerous searches to try and locate your beneficiary, as we want to honor your wishes and pay the beneficiary(ies) you have designated. However, if we are unable to locate your beneficiary, we are required to adhere to state regulations and pay the life insurance proceeds to the appropriate state pursuant to its unclaimed property laws. Claimants may still obtain these benefits by contacting the appropriate states unclaimed property division.

New York Life recommends that you have at least one beneficiary associated with your account. If you need to change your beneficiary, you must add the additional beneficiary before you can delete the original. If you encounter any issues or prefer to submit your request in writing, please download and complete the Beneficiary Change Form and mail it to us at the address noted in the section above.

Yes, however there may be state specific tax implications involved. In addition, a Will must be probated, and a state issued document naming an executor must be provided. Please consult your attorney for further details prior to listing your estate as beneficiary.

If you decide to name your Estate as beneficiary, if available, please provide the Executor’s name, address, and phone number.

In order to designate a Trust as an Owner, you must provide a copy of the Trust, including all pages that document the Title, Trustee, Successor Trustee, Signatures and Notary seal along with a completed Owner Change Form.

In order to designate a Trust as a Beneficiary, you must provide the completed Beneficiary Change Form along with either a copy of the Trust, including all pages that document the Title, Trustee, Successor Trustee, Signatures and Notary seal, or a completed Statement of Trust Form.

Finally, please send all materials to New York Life using the address on the forms.

You may name a minor as a beneficiary, however a life insurance company cannot make payments directly to a minor.

The benefit can be paid into an interest-bearing settlement account on behalf of the minor beneficiary. The minor’s social security number and date of birth must be provided on the claim form. The funds will be available to the minor when they reach age of majority.

If the benefit amount is under the state UTMA (Uniform Transfer to Minor’s Act) limit, the funds may be disbursed to the custodian of the minor child. There are certain guidelines and limitations determined by each state regarding disbursement of funds to a minor under this act. Contact New York Life for specific information.

A copy of the minor’s birth certificate, their social security number, and the contact information for the minor’s caregiver/custodian. If no custodian, formal guardianship papers showing appointment over the minor’s estate and property or assets.

Not in all states. If your state permits such designation, to designate a funeral home as a beneficiary on your life insurance contract, a completed Beneficiary Change Form is required. Some states also require a copy of the pre-need agreement and/or Collateral Assignment signed by the insured or contract owner.

If you wish to name a funeral home to cover funeral expenses, it may be prudent to contact your attorney or estate planner for available options.

A pre-need agreement is a contract between an individual and a funeral home for funeral services after they pass away. “Pre-need” refers to prearranging and funding your own funeral.

A Collateral Assignment (ASN) is an assignment of a contract to a creditor, like a funeral home, as security for a debt. The creditor is entitled to be reimbursed out of the contract proceeds for the amount owed. In the event of the insured’s death, the beneficiary is entitled to any excess of the contract proceeds over the amount due to the creditor.