You
may designate your beneficiary as revocable,
irrevocable or irrevocable beneficiary with
limited rights. You may write us directly or
submit a properly completed (i.e. must be
dated, signed and witnessed) Request
for Policy Change Form
to any of our offices nearest you. This form
can also be used to delete your previous beneficiary/ies.
A
revocable beneficiary
is the beneficiary whose consent is not needed if the
insured wishes to make changes on 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 on 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.
An
irrevocable beneficiary with
limited rights is the beneficiary that only
participate in decisions regarding changes in beneficiary
and policy assignment. In case of death of insured,
claim proceeds for irrevocable beneficiary is tax free.
If
you are designating your spouse as a new beneficiary,
please submit a photocopy of your marriage contract.
If
you have minor beneficiary (below 18 years
old), you must name a Trustee to your beneficiary
by submitting an accomplished and notarizedTrust
Deed Form.
For
further inquiries, call our PhilamPhone customer hotline at (632)
528-2000 or email us at PHILAMLIFE.POS@AIG.COM.
Request
indicated in the policy change form will still be subject to approval of the
company.
