Yes! You can use AI to fill out Principal Life Insurance Company Beneficiary Designation/Change Form (GP34795-14)

A frequent error is allocating percentages that do not sum to exactly 100% for each beneficiary group. The total for all primary beneficiaries must equal 100%, and the total for all contingent beneficiaries must also equal 100%, treated as two separate groups. This mistake often happens due to simple miscalculation and can cause the form to be rejected, delaying the update and leaving a previous or default designation in effect. To avoid this, double-check your math for each section before submitting. AI-powered tools like Instafill.ai can automatically validate these totals to ensure they are correct.

Users often leave critical fields like the beneficiary's Social Security Number (SSN) or full address blank. This information is vital for the insurance company to locate and positively identify the beneficiary without ambiguity, especially if they have a common name. Missing data can lead to significant delays in paying out the benefit, causing financial hardship and stress for your loved ones during a difficult time. Always gather and enter the complete, current information for every listed beneficiary.

Designations like 'Mrs. John Doe' or vague group terms like 'My Children' are common but incorrect. The form requires the full legal name of each individual, such as 'Mary M. Doe'. Using informal or vague names can create legal disputes and require court intervention to determine the intended beneficiary, delaying the payout. Always use the person's full given name as it appears on their official identification to ensure your wishes are carried out precisely.

People often fail to properly handle designations for minors. A common mistake is checking the 'minor' box next to a beneficiary's name but then neglecting to complete the required 'Minor Beneficiary - UTMA' section on Page 2. This leaves the custodianship arrangement legally undefined. An incomplete designation for a minor can force the funds into a court-supervised guardianship, which is a costly and lengthy process. If you designate a minor, you must complete both steps.

Even when filers correctly complete the UTMA section for a minor, they frequently name a primary custodian but fail to nominate one or more substitutes. If the named custodian is unable or unwilling to serve when the benefit becomes payable, the lack of a designated backup can result in court proceedings to appoint one. To prevent this, always name at least one, and preferably two, substitute custodians to ensure a smooth transfer of assets for the minor's benefit.

A misunderstanding of beneficiary tiers leads people to list the same individuals in both the primary and contingent sections, or to split the total 100% across both groups. Contingent beneficiaries only inherit if all primary beneficiaries have predeceased the employee. This error can render the contingent designation meaningless or create confusion about your intent. Ensure your primary beneficiaries total 100%, and then list a separate set of contingent beneficiaries who should only inherit in their absence.

When naming a trust as a beneficiary, filers often provide insufficient information, simply writing the trust's name. As per the form's instructions, you must include the full name of the trust, the full names of the trustee(s), and the date the trust was established. Omitting these details can cause significant processing delays as the insurance company must then work to verify the trust's existence and legal standing. Following the provided 'Sample Beneficiary Designations' is crucial for a valid trust designation.

Forgetting to sign and date the form in Section III is a simple but critical oversight that completely invalidates the entire document. An unsigned form is not legally binding, meaning your beneficiary designation will not be updated, and any prior designation (or the company's default rules) will remain in effect. This could result in the benefit being paid to an ex-spouse or another unintended party. Always perform a final review to ensure you have signed and dated the form before submission.

This form is often distributed as a non-fillable PDF, requiring it to be printed and filled out by hand. Illegible handwriting, especially for names, addresses, and percentages, can lead to critical data entry errors by the processing staff. A misspelled name or a '3' mistaken for an '8' can alter your intended distribution and create legal challenges. To avoid this, print clearly in block letters. Alternatively, tools like Instafill.ai can convert flat PDFs into fillable forms, allowing you to type directly and ensure perfect legibility.