What is a beneficiary?
The "beneficiary" of your policy is the person, people, or organization that would receive the policy proceeds in the event of a death claim.
Note: When contacting our call center, you will be requested to provide positive verbal identification as a policyowner.
Our mailing address is:
SBLI
P. O. Box 4048
Woburn, MA 01888-4048
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Who is the beneficiary of my policy?
You can locate the beneficiary designation on your policy by reviewing the original application of insurance. A copy of the application is contained in your policy. However, if the beneficiary designation has been changed since the policy was issued and you wish to review the current designation, please Contact Customer Service with your question or request. This information can only be released to the policyowner. If you wish to speak with an SBLI representative, simply contact our Call Center toll free at 1-800-694-7254. Our representatives are available each business day Monday - Friday from 8:00 A.M. through 6:00 P.M. (ET).
Note: When contacting our call center, you will be requested to provide positive verbal identification as a policyowner.
Our mailing address is:
SBLI
P. O. Box 4048
Woburn, MA 01888-4048
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How can I change my beneficiary?
The beneficiary of your policy can be changed at any time by the policyowner. Most beneficiary changes can be made by the policyowner using a Beneficiary Change Request, including:
- Designating an individual or multiple persons equally. Designating percentages when there are multiple beneficiaries can be done provided that the total of all percentages equal 100%.
(Note: It is not recommended to name minors as beneficiaries, without designating a custodian or trustee. Please refer to FAQ, "Designating Beneficiaries.")
- Designating children of an individual entitles all present and future children, both born and legally adopted, to share equally. (Again, it is not recommended to designate minors as beneficiaries.)
- Designating the insured's estate.
- Designating a Corporation or Charity. We require the name, address, and taxpayer I.D. # for the Corporation or Organization.
If the beneficiary designation you want fits into one of the above categories, you must complete the required Beneficiary Change Form.
If you are designating a Trust as beneficiary, you must complete the Beneficiary Change Form - Trust Beneficiary Designation.
For all other requests, please contact our office for form preparation.
Note: When contacting our call center, you will be requested to provide positive verbal identification as a policyowner.
Our mailing address is:
SBLI
P. O. Box 4048
Woburn, MA 01888-4048
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Designating Beneficiaries
More information:
- The policyowner may, at any time, request a change in beneficiary naming new parties and/or the method of distribution of payments.
- Under Massachusetts law, the signature of a "disinterested person" over eighteen (18) years of age and not named as beneficiary, must be included as a witness to any beneficiary change request.
- A copy of the acknowledged beneficiary change will be mailed to the owner at his/her address of record. The original beneficiary change form is retained by SBLI.
- If a policy is collaterally assigned or has an assigned ownership, refer to the specifics of the assignment to determine if the proceeds at the death of the insured are payable to the beneficiary or to the designated assignee. This can be found in your policy or on the original assignment.
Designating Minors as Beneficiaries
- Before designating a minor beneficiary you should be aware that current laws restrict us from making payment directly to a minor. In the event of a death claim payable to a minor, we can only release the funds to the court appointed guardian of the minor. This is a process which requires getting documentation from the court and therefore, it is not recommended to simply designate a minor by name only.
If you want to designate a minor as beneficiary, consider utilizing:
- "THE MASSACHUSETTS UNIFORM TRANSFERS TO MINORS ACT"
A "custodian" would be named for the benefit of the minor beneficiary under the Massachusetts Uniform Transfers to Minors Act.WHAT DOES THE CUSTODIANSHIP LANGUAGE DO?
By utilizing the "as Custodian for" language, the prospective Custodian can act on behalf of the minor and can receive any funds owed to the minor. In the event of the Insured's death, the life insurance proceeds would be paid to this person who would
receive such monies as Custodian for the minor child. Please consult your legal advisor for further information on this option.
In order to make this change a special Beneficiary change form is required which can be obtained through our office.
Note: When contacting our call center, you will be requested to provide positive verbal identification as a policyowner.
Our mailing address is:
SBLI
P. O. Box 4048
Woburn, MA 01888-4048
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