One simple step can protect the people you love. Life insurance helps protect your loved ones if something happens to you. But the benefit is only paid the way you intend if you name a beneficiary.
A beneficiary is the person (or people) who will receive your life insurance money when you pass away. If you haven’t named one or if your choice is outdated, now is the time to act.
When you choose a beneficiary:
Your wishes are clear, and help reaches your family when they need it most.
If no beneficiary is on file with your employer or insurance company, the insurance company must follow policy rules, not your personal wishes. In most cases, benefits are paid in this order:
If the benefit is paid to your estate, it may:
This can delay money your family may need right away.
A minor child cannot legally receive life insurance money.
If you name a child under legal age:
Until the legal requirements are met, payments may be limited or delayed. A better choice is to name a trusted adult or a trust set up for your child so the money can be used quickly for their care.
Designating a beneficiary is easy and takes just a few minutes. You can access a Beneficiary Designation form here.
Important reminders:
Keeping your beneficiary up to date helps ensure benefits are paid correctly and without delay.
This small step can make a big difference during a difficult time.
Don’t wait; make your choice today.
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