Reminder: Per Stirpes is an Acceptable Beneficiary Designation

News Image 10-03-2016

Requesting Necessary Beneficiary Information for Benefit Payments

Per Stirpes is a common way of distributing life insurance death benefit proceeds in the event one or more of the designated beneficiaries has predeceased the insured. When the beneficiary designation is per stripes, the children of the predeceased beneficiary share equally that beneficiary’s share of the death benefit proceeds. North American recognizes this as an acceptable beneficiary designation.

In order to request ‘Per Stirpes’ North American Company requests specific beneficiary information at the time of application or on a beneficiary change form. To correctly request this the agent must write ‘Per Stirpes’ next to the beneficiary or contingent beneficiary’s name on the application, and attach a separate page listing the full names, social security numbers, dates of birth, addresses and phone numbers for all living children.

North American has committed to collecting the necessary beneficiary information in order to honor the intent of the Policyowner and reduce any benefit payment delays due to insufficient information provided on the application or beneficiary change forms. We want to ensure we’re doing everything we can to honor the Policyowner’s wishes and we appreciate your partnership in this effort.

For more information, please contact your Life Sales Department at BUA.



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