My sister said she wants to add me as her back up beneficiary in the event if something happen to her. What should I tell her?
My sister called me the other day and just expected that I give her my social security number after she tells me about being her beneficiary and also without seeing any documentation on the life insurance she signed up for. Im sensitive about giving out my personal information and shes gets manipulated easily by salesman that influence her into signing up for stuff she doesn't need. What should I tell her?
L2020-05-20T21:11:27Z
She does NOT need your Social Security number to add you as a Beneficiary - only your name.
I was named as beneficiary to someone''s IRA. My S.S.# was needed as taxes had to be paid. In the event of a life insurance policy, I do not think a S.S.# is needed as taxes are not collected on insurance payouts. To the best of my knowledge, anyway.
Tell her that she can make you backup beneficiary on any insurance policy without needing your SS #, because insurance benefits paid to beneficiaries completely bypasses probate and they are not taxable and not reported to the IRS. There is no need for your SS, and if someone is telling her that they need your SS, tell her they are scamming her.
Do NOT give sis your SSN! It is NOT needed to name you a beneficiary on an insurance policy. Something is very wrong if she is asking you for your SSN.