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The percentage total within each designation (Primary or Alternate) must add up to exactly 100%. For example, if you name three Primary beneficiaries with 33% for your first and 33% for your second, your third Primary beneficiary must be 34%, creating a total of 100%.
Most beneficiary designations will require you to provide a person's full legal name and their relationship to you (spouse, child, mother, etc.). Some beneficiary designations also include information like mailing address, email, phone number, date of birth and Social Security number.
Name only living persons as beneficiaries, unless you are naming a trust, your estate or an organization. Do not name the same person or organization as both a primary and secondary beneficiary. Do not use the word ?or? when designating multiple beneficiaries. Do not impose any conditions on payment.
If you decide to have more than one beneficiary, you will allocate a percentage of the death benefit for each, so that the total allocation equals 100%. A simple example of this would be allocating 50% to your partner, and 25% to each of your two children, for a total of 100%.
Primary and Contingent Beneficiaries ? Unless you designate a percentage, proceeds are paid to primary surviving beneficiaries in equal shares. Proceeds are paid to contingent beneficiaries only when there are no surviving primary beneficiaries.