Update Beneficiary

How do I change my beneficiary (ies)?

Submit 2 copies of a duly accomplished (i.e. must be dated, signed and witnessed) Request for Policy Change Form to any of our branch offices nearest you. This form can also be used to delete your previous beneficiaries. You may designate your beneficiary as revocable or irrevocable.

A revocable beneficiary is the beneficiary whose consent is not needed if the insured wishes to make any changes in his policy.

An irrevocable beneficiary is the beneficiary whose consent (by way of signing) is needed every time the insured wishes to make any changes in his policy such as policy loan, surrender, policy assignment and other changes in beneficiary. In case of death of insured, claim proceeds for irrevocable beneficiary is tax free.

NOTE:

• If your current beneficiary is irrevocable, please have him or her sign the duly accomplished Request for Policy Change Form as well, in order to facilitate any beneficiary changes you would like to make.
• If you are designating your spouse as a new beneficiary, please submit a photocopy of your marriage contract
• If you have a minor beneficiary (below 18 years old), you must name a Trustee* to your beneficiary by indicating the Trustee’s name on the Request for Policy Change Form and submitting it together with a duly accomplished and notarized Trust Deed Form.

* A trustee is only a representative of the minor beneficiary in documenting claims. He or she has no authority over the minor while insured is still living. Immediate relatives can be designated as trustee.