What is allocation percentage for beneficiary?

You can add a new beneficiary at any time. You also can assign allocation amounts for each beneficiary, for both primary and secondary (also called contingent). To remove a beneficiary, change the percentage for that beneficiary to "0." Then allocate the percentage for the new beneficiary(ies) to equal 100%.

What is a beneficiary for basic life insurance?

There are two basic types of life insurance beneficiaries: Primary beneficiary: The primary beneficiary is the person (or persons) who will receive the proceeds of the life insurance policy when the insured person dies. ... Contingent beneficiary: This is also known as the secondary beneficiary.

Do you need a Social Security number to designate a beneficiary?

A: Yes. A Social Security Number (or Tax Identification Number) is required before any benefits can be paid. If a member doesn't have a number at the time of beneficiary designation, LACERA must receive this information when the death claim is processed.

How do I fill out a beneficiary designation form?

Write only one beneficiary on each line. Make sure that you write the full names of all beneficiaries. For example, if you name you children as beneficiaries, DO NOT merely write u201cchildren u201d on one of the lines; instead write the full names of each of your children on separate lines.

Get beneficiary data update request form

/State/Zip______________________________ Date of Birth: _______________ SSN#_________________ Daytime Phone: (___)______________ Name: _________________________________________%Share________ Relationship___________________ Address: __________________________________________City/State/Zip______________________________ Date of Birth: _______________ SSN#_________________ Daytime Phone: (___)______________ Contingent Beneficiary for Spouse Coverage (if Primary is not living) Name: _________________.

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