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Beneficiary FAQ

  • What is a beneficiary?

    The "beneficiary" of your life insurance policy is the person, people, trust, and/or organization that would receive the policy proceeds in the event of a death claim.

  • How do I designate a beneficiary?

    You designate a beneficiary at the time you apply for a life insurance policy with SBLI.

  • How do I know who is the beneficiary of my policy?

    You can find the beneficiary designation on your policy by looking at your original life insurance application. A copy of your 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. Please note that this information can only be released to the life insurance policy owner.

    If you wish to speak with one of our customer service representatives, simply contact our toll free Call Center at 1-800-694-7254. Our customer service representatives are available each business day, Monday – Friday, from 8:00 A.M. through 9:00 P.M. (ET).

    Note: When contacting our call center, you will be requested to provide positive verbal identification as a policy owner.

    Our mailing address is:
    SBLI
    P. O. Box 4048
    Woburn, MA 01888-4048

  • Can I change a beneficiary?

    The beneficiary of your policy can be changed at any time by the policy owner. Most beneficiary changes can be made by the policy owner using a Beneficiary Change Request Form, 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 equals 100%. (Note: It is not recommended to name minors as beneficiaries, without designating a custodian or trustee.)
    • 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 trust.
    • Designating a Corporation or Charity. SBLI requires 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 need to complete the required Beneficiary Change Form.

    If you are designating a Trust as beneficiary, you need to complete the Beneficiary Change Form - Trust Beneficiary Designation.

    If you wish to speak with an SBLI representative, simply contact our toll free Call Center at 1-800-694-7254. Our representatives are available each business day, Monday – Friday, from 8:00 A.M. through 9:00 P.M. (EST).

    Note: When contacting our call center, you will be requested to provide positive verbal identification as a policy owner.

    Our mailing address is:
    SBLI
    P. O. Box 4048
    Woburn, MA 01888-4048

  • If I'm a beneficiary, do I have to pay income taxes on a death benefit?

    No. Death benefits from life insurance policies are usually or generally free from income tax. However, the death benefit may be subject to estate and inheritance tax. Check with the representative who sold you the policy, with SBLI, or your own financial advisor for details.