If you’ve had a recent life event such as a change in marital status, the addition of a child, or the death of a loved one, then now is a good time to review your beneficiary designations for Veterans’ Group Life Insurance (VGLI) and Veteran’s Affairs (VA) insurance policies starting with V, RS, RH or J. It’s the best way to ensure your life insurance benefit is paid to whom you want.
Not keeping beneficiaries up to date may result in your benefits going to a former spouse, your deceased parent’s estate, your estate, or even no one. It could also result in payment delays at a time when your loved one needs the money. For example, if the listed beneficiaries are children from a first marriage, children from a current marriage might contest the claim if they believe they have more recent documents showing they should be the beneficiaries. No one could be paid until it is determined who is legally entitled to the money.
Even if you haven’t had a recent life event, it’s a good idea to review your beneficiaries at least once a year. So mark it on your calendar as an annual event. And remember, you have the legal right to name any beneficiary you want and change your beneficiary at any time.
You can access all Change of Beneficiary forms at http://goo.gl/8lhlB. If you have a VA insurance policies starting with V, RS, RH or J, K or W, download Form 29-336. If you have VGLI coverage, download Form SGLV 8721 or log into your VGLI online account at www.benefits.va.gov/insurance.