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Beneficiary designations: Is yours complete?


Naming your beneficiary, a key part of your benefits coverage

Naming your life insurance beneficiary is a big decision. It is one of the most important things you do when you enrol in a new group benefits plan, or if you have a life event like getting married or divorced.

If a beneficiary(ies) is not designated by you on your life insurance policy, the proceeds from your policy will be directed to your estate. There are many risks and added expenses to consider if your beneficiary designation form is not complete. Most importantly, your policy proceeds may not be given to your desired up-to-date beneficiary (e.g. spouse, children).

If you have any questions about naming a beneficiary, you should speak to your financial or legal advisor for advice.

How to designate or update your beneficiary

During your enrolment, you were asked you to complete your life insurance beneficiary information online. It is important to review this information at least once a year, or whenever you have a major life change such as getting married or divorced, or having a child. Failing to do so might mean that the wrong person (e.g. an ex-spouse) gets your life insurance policy proceeds in the case of your death.

Follow these steps: How do I update the beneficiary information for my group life coverage?

 

 

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