Contact Your Insurance Company

• You must get your policy number and the name of the current beneficiary on your policy. This information should be kept with your original policy contract. The insurance policy contract may have a copy of the original application in the back of the contract. Any amendments made should be kept with a copy of the application. You insurance company will provide you with the necessary form when you contact them.
  
  

Change Form

• You need a change of beneficiary form from your insurer. This form lets you assign a new beneficiary to your policy. Fill out the form. You don't have to ask the new beneficiary to be included on the policy. Likewise, you don't have to ask permission from the existing beneficiary before you remove him.
  
  

Submit Form

• Submit the change of beneficiary form to the insurance company. The insurer will process your request. It may take a week or two before you receive a confirmation in the mail. When you do, keep the paperwork with the policy. This will help your heirs figure out who is supposed to receive your life or annuity insurance proceeds.
  
  

Consideration

• Consider naming more than one beneficiary. There are two ways to do this. You may name more than one primary beneficiary. The beneficiaries will split the death benefit according to your wishes, which you spell out on the beneficiary form. Otherwise, you may name a primary and a contingent beneficiary. The contingent beneficiary will receive the money if the primary beneficiary dies before you do.