Has your situation changed and you want to change the beneficiary (ies) of your life insurance? It's possible ! How to revoke a beneficiary? How to designate a new one? Explanations.
The designation of the beneficiary
When signing a life insurance contract, the subscriber designates one or more beneficiaries: they are the ones who will receive the sums of the contract upon his death.
To transmit part of your assets to the people of your choice outside of succession and in a privileged tax framework, the beneficiary designation is essential because without a designated beneficiary, the capital returns to the subscriber's estate and his heirs no longer benefit from the tax advantages of life insurance.
Namely: you have the possibility of changing beneficiary as much as you want, as long as no beneficiary has accepted the contract. The beneficiary is only informed of their condition if you take the initiative or upon your death. Once informed, he can ask to accept the benefit of the contract, during your lifetime or not.
Revocation of the beneficiary
Once the contract has been accepted by the beneficiary and with your agreement, you will no longer be able to modify the beneficiary. The acceptance of the beneficiary is irrevocable if it was made by a tripartite agreement between:
- the policyholder (who is usually also the insured);
- the insurer;
- the beneficiary accepting.
Or by an agreement between the subscriber and the accepting beneficiary, notified to the insurer.
It is however possible to change beneficiary with their consent.
Namely: in the event of divorce before death, the ex-spouse remains beneficiary provided that his name appears in the list and not the simple title of husband or wife.
Procedures for changing beneficiary
In the event that the beneficiary (ies) have not accepted the contract, the subscriber simply informs the insurer of his decision by sending a simple letter.
Otherwise, the change is made by sending the insurer a letter signed by the beneficiary specifying that he is waiving the contract. The insured may then modify his beneficiary clause.