What must be done for an individual with a revocable beneficiary designation who wishes to change their beneficiary?

When an individual with a revocable beneficiary designation wishes to change their beneficiary, completing a beneficiary change form is essential. This form is a designated method provided by the insurance company that allows policyholders to formally document their request to modify the designated beneficiary.

Using this form ensures that the insurer has a clear, up-to-date record of whom the policyholder intends to benefit from the insurance policy upon their passing. The process for changing a beneficiary is streamlined to avoid confusion or disputes after the policyholder's death, confirming the policyholder’s intent precisely.

While notifying the insurer is part of the process, it is generally done through the completion and submission of the beneficiary change form. Submitting a new policy application is unnecessary for merely changing a beneficiary, as it is typically a much simpler process. Consulting with an attorney, while it might be advisable in complex situations, is not usually required for making a straightforward beneficiary change. Therefore, completing the beneficiary change form is the most appropriate step for this situation.