BENEFICIARY CHANGES - FORESTERS
- Katharine
- Feb 28
- 2 min read
Updated: Mar 4
*Reminder: I'm no financial or legal advisor. What I write is based on my experiences. If you need advice on these matters, please consult one.
As your agent or hopefully "future" agent, I wrote this blog in the hope that it helps you with the steps you need to take to change your Foresters Financial policy's beneficiaries.
It's advised to review your beneficiaries when life happens, such as getting married, starting a family, expanding your family, maybe you get a divorce, etc. I personally review mine during tax season or my birthday month.
OPTION 1: BENEFICIARY FORM via AGENT
Reach out to me via e-mail with your request and I will begin to work with you to get this taken care of.
Email: katharine.hern2021@gmail.com
Please reference your policy-certificate number or name.
You will need to fill out a BENEFICIARY CHANGE FORM.
See attached for reference, but I would also send it to you when you reach out.
OPTION 2: BENEFICIARY FORM via MY POLICY
You can make the change yourself via Foresters-My Policy Website.
You will need your log-in information to access this.
Create one if you haven't.
You will need your Certificate No and associated e-mail or phone number with your policy.
I can provide this if you need it.
I have attached a PDF with instructions to help you through this. if necessary, I can also get on the phone or video chat to help you with this. Just email me.
MINORS AS BENEFICIARIES
Many policyholders are parents that have purchased a life insurance policy with the goal to financially protect their family/children in the case of their death. This is a beautiful sentiment, as we know that parents want to protect and provide for their family/children.
As I continue to educate myself, I have come to learn that if your children are minors it's advised to not leave them as beneficiaries. A life insurance will pay out the policy at the time of your death, but if the beneficiaries are minors the money will not be issued to them directly. They will have to go to probate court, and get a guardian or conservator appointed. Unfortunately, this can be time consuming, and funds will not be released until it gets resolved.
For that reason, it is advised that you appoint an adult that you trust to execute your wishes as a beneficiary. Or you can also set up a trust and appoint it as a beneficiary. My advice is that you look into what works for you, your family, and your wishes.
FORESTERS MEMBER BENEFIT
As a Foresters policy holder, one of your member benefits is access to their LawAssure online platform. LawAssure is a complimentary online documentation service for creating legal documents you should have if you want to protect your legacy and your family. It's tailored by your geography & local jurisdictions such as wills, powers of attorney, and or healthcare directives.
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