AIG Change of Beneficiary Form

What Is the AIG Life Insurance Change of Beneficiary Form?

The AIG change of beneficiary is a document utilized by AIG life insurance policyholders to make changes or updates to the beneficiaries of their policy. The choice of beneficiary can hugely impact the policy payout, estate taxes, and distribution of wealth. Hence, altering a beneficiary is a step requiring careful thought and planning. 

When and why use this AIG form

Ordinarily, one might consider using the AIG change of beneficiary form when events such as marriage, divorce, birth of a child, or even the death of a current beneficiary occur. You are also at liberty to modify your beneficiary information simply because you have decided to change your mind about who you want to be your beneficiary. Essentially, this form allows you to freely express your wishes regarding who should receive your benefits upon your untimely departure. 

How to Fill Out AIG Change of Beneficiary Form

When it comes to completing this AIG template, the process has been streamlined to be remarkably straightforward. However, it requires absolute care and attention to provide clear and accurate information as this affects who benefits from your insurance claims. Below is a step-by-step procedure to help guide you through this process:

1. Start with the section titled 'Existing Policy Information.' Enter your 'Policy Number.' This is usually found on your policy documentation.
2. Fill in 'Insured Name(s) and SSN/ITIN or EIN.' This includes your legal name(s) as well as your Social Security Number or Employer Identification Number.
3. Continue filling in your 'Owner Name and SSN/ITIN or EIN.' This will typically be your legal name and your Social Security Number if you are the owner of the policy.
4. Input your 'Address,' 'Primary Phone,' and 'Alternate Phone.' These pieces of information are vital for AIG to reach you regarding policy changes.
5. Enter your 'Email Address.' Make sure this is an email you frequently check as AIG may send important updates or information via email.
6. If applicable, include the 'Co-Owner Name(s) and SSN/ITIN or EIN.' Also include their 'Address,' 'Primary Phone,' 'Alternate Phone,' and 'Email Address.'
7. Fill in the 'Assignee', 'Irrevocable Beneficiary, 'Other Name (if applicable)' and their 'SSN/ITIN or EIN'.
8. Continue to the section titled 'Beneficiary Designations.' Indicate whether the 'Designation is in effect for(Base Insured/Spouse Insured/Other)' for each beneficiary.
9. Include each Beneficiary's 'Name,' 'DOB,' 'SSN,' 'Phone Number,' 'Relationship,' and 'Share%.' Be sure to also specify their 'Beneficiary Type(Primary/Contingent).'
10. Provide each Beneficiary's 'Address' and 'Email.'
11. In the section 'Optional Clauses,' check the relevant boxes if you want to include any clauses such as the 'Postponement Clause - Common Disaster,' 'Minor Beneficiary Clause - Trustee for Children,' or 'Children’s Clause - Per Stirpes.'
12. After ensuring all information is accurate, proceed to the 'Current Owner Signature and Date' section. Here, provide your signature and the date. If there's a co-owner/second owner, they, too, should provide their signature and date. 
13. If you've marked an 'Irrevocable Beneficiary' or 'Assignee,' have them sign and date in the section labeled 'Irrevocable Beneficiary/Assignee Signature and Date (if required).'
14. After thoroughly reviewing your form for accuracy, submit your form on the website to finalize your AIG Change of Beneficiary.

Tips and important considerations

While the process is straightforward, many individuals get stumped when filling out the AIG Life Insurance Change of Beneficiary Form. To avoid common pitfalls, consider the following tips:

• Updating Regularly: It's essential to update beneficiary information whenever a significant life change occurs, such as marriage, divorce, or the birth of a child. 
• Coordinating with Estate Plan: Tying beneficiary designations in the insurance policy with the overall estate plan can prevent potential future conflicts. 
• Legal Advice: For complex situations, it might be beneficial to seek legal counsel before making significant changes.