How to Update Your Beneficiaries
Making sure to update your beneficiaries ensures that your money goes where you want it to.
Any time you have a major life event, it's a good time to review all your policies and make sure your beneficiaries are current.
What's a beneficiary?
A beneficiary is someone who you’ve designated to receive something, like your life insurance policy. Another way to think of it is like an inheritor. It’s a good idea to make sure your beneficiaries are up to date so that you can be sure the right person is getting what you want them to.
Which beneficiaries should I update?
Anything you have that has a beneficiary should be updated regularly. Here are a few things that have beneficiaries:
- Savings accounts
- Checking accounts
- Certificates of Deposit (CDs)
- IRAs
- Life insurance
- Disability insurance
- Mutual funds
- Annuities
How do I update my beneficiaries?
The easiest way to do this is to come into any Peak branch to meet with a Member Service Specialist or Financial Consultant. All account owners must sign when updating or changing beneficiaries, which is why a branch visit is easiest.
If you’re not able to make it in to a branch, give us a call at (800) 258-3115. We can send you a signature card to sign. Once you mail it back to us, we can make the change to your account beneficiary.