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If at any point you decide you want to change the beneficiary on your life insurance policy, in order to revoke all previous designations, you must make a formal application by using a Life Insurance Beneficiary Change Request. Using this request form is the easiest and clearest way to legally change or add a contingent beneficiary on your policy.
A codicil is a legal tool used to change specific portions of your Last Will and Testament while leaving the remainder of the document in its original form. By adding a spouse through the use of a codicil, unnecessary probate fees may be avoided, as well as the extra trouble and expense of re-writing the entire will.
If you want to change who will receive the benefits of your life insurance policy after you die, you must complete a life insurance beneficiary change request. For example, if you divorce and remarry, your former spouse may receive the benefits of your life insurance policy if such a change is not requested in writing.
To change who will receive the proceeds of your life insurance policy or to change the percentage of the proceeds that each individual will receive, you need to complete a life insurance beneficiary change request. A written form may be necessary if you want to add children to the list of beneficiaries for your policy.