Type of
Owner

Designating Owner
on Application

Illustrative
Beneficiary Wording

Consider
These Points

Individual

Check appropriate box, fill in name, relationship and 9 digit Social Security number.

Mary A. Columbus, wife

In most cases where the owner is not the insured, the owner and beneficiary should be the same.

Minor child-Custodian Under the Uniform Transfers to Minors Act

Complete ownership section: (name of custodian) as custodian for (name of minor) under (State) Uniform Transfers to Minors Act. Use social security number of minor.

The Minor's Estate must be the beneficiary until the minor reaches majority.

A minor cannot own or exercise rights over an insurance contract. Ownership can be established under a state’s Uniform Transfers to Minors Act or under a court supervised Guardianship or Conservatorship. The applicable state statute will determine the age at which the minor will have full control over the policy.

Trusts

Complete ownership section giving name of the Trust, Trustee and date of the Trust. Use trust taxpayer ID number or grantor’s social security number (revocable trusts only).

INTER VIVOS OR LIVING TRUSTS: John Smith, Trustee, John Smith Revocable Trust Dated June 1, 2010.

The beneficiary and owner should be the trust. Trustee signs application as owner. If more than one trustee, then a majority of trustees must sign unless trust specifies otherwise.

Partnership

Complete ownership section giving partnership's name and Federal Tax I.D. number.

John J. Doe and Richard R. Roe, a partnership doing business as Doe and Roe.

The beneficiary and owner should be the partnership. One partner can sign on behalf of the partnership.

Corporation or other Business entity

Fill in the corporation's name and Federal Tax I.D. number.

XYZ Company, its successors or assigns.

The beneficiary and owner should be the business. One officer of the corporation must sign the application and any change of owner/beneficiary forms, giving title and name of corporation, Richard C. Smith, Vice President, XYZ Company. A notice and consent under the Employer Owned Life Insurance rules may be required for this policy to preserve the tax-free nature of the death benefit. Please call Advanced Markets for more information – (877) 236-6587, option 1.