National Catholic Forester

Spring 2017 — www.ncsf.com 31 YOUR BENEFICIARY IS IMPORTANT A beneficiary is a person or entity that you name in a life insurance and/or annuity certificate to receive the death benefit. The beneficiary should be identified as clearly as possible — including full name, date of birth, complete address, and their relationship to you. Please note, unacceptable terms in a beneficiary designation are: "or" "and/or". EXAMPLES OF BASIC BENEFICIARY DESIGNATIONS PRIMARY BENEFICIARY. You have only one beneficiary listed. EX: "Mary Smith – Wife" ... or, if the beneficiary is not related to the insured then, "John Smith – Friend" PRIMARY / CONTINGENT BENEFICIARY. You have one primary beneficiary listed, if the primary is deceased, then the contingent beneficiary will receive the death benefit. EX: primary beneficiary: "Mary Smith – Wife" and a contingent: "John Smith – Son" TWO BENEFICIARIES. Two or more equally. The payment is divided equally between the beneficiaries who survive the insured. EX: "John Smith and Mary Smith- Parents" InSuRED'S EStatE. Do not name the executor / administrator at this time. EX: "To the Executor / Administrator of the insured's estate" ORGANIZATION. Your beneficiary is an organization; contact the organization to obtain their corporate name and address. EX: "To (Corporate Name) (Principle Office Address) to be used for (indicate what purpose)" TRUST. "(Name of Trust) and (date of trust)." If the trust is not in effect as of the insured's date of death, payment will be made to the estate of the insured. LAST WILL AND TESTAMENTARY TRUST. Payment will be made to the trustee(s) of the trust established as of the insured's date of death. CHILDREN AND GRANDCHILDREN. "To the living descendants of the insured per stirpes." If a beneficiary dies before the insured, the deceased beneficiary's share goes to their heirs. EX: Primary "Mary Smith – Daughter" and "John Smith – Son" per stirpes. IT'S EASY TO UPDATE YOUR BENEFICIARY DESIGNATION! YOU MAY: l Go to www.ncsf.com and print off a change of beneficiary form l Call the Home Office at (800) 344.6273 to speak to a Customer Care Representative if you have questions or to have a change of beneficiary form mailed to you STOP. WHO IS YOUR BENEFICIARY? go

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