Group Insurance Beneficiary Designation/Change Form
This file provides important information and instructions for designating or changing the beneficiary of your Group Insurance death proceeds. It includes definitions of primary and contingent beneficiaries, and detailed instructions on completing the form. Also, it has sections for employee information, beneficiary designation, trust designation, and authorization/signature.
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How do I fill this out?
To fill out this form, you need to provide detailed information about yourself and your chosen beneficiaries. Follow the instructions carefully to ensure all required fields are completed. After filling out the form, submit it to your Benefits Administrator and keep a copy for your records.
How to fill out the Group Insurance Beneficiary Designation/Change Form?
1
Fill in the employee information section.
2
Designate primary and contingent beneficiaries with percentage shares.
3
Provide details if designating a trust as a beneficiary.
4
Sign and date the form.
5
Submit the form to your Benefits Administrator and keep a copy for your records.
Who needs the Group Insurance Beneficiary Designation/Change Form?
1
Employees who want to designate their life insurance beneficiaries.
2
Individuals who need to update their beneficiary information.
3
Trustees managing insurance proceeds for beneficiaries.
4
Executors setting up death proceeds for an estate.
5
Organizations named as beneficiaries in insurance policies.
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Review your edited document to ensure all changes are correct.
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What are the instructions for submitting this form?
Submit the completed form to your Benefits Administrator. Ensure you keep a copy for your records. For any questions, you can contact your Benefits Administrator directly.
What are the important dates for this form in 2024 and 2025?
Ensure to update your beneficiary designations annually or after significant life events such as marriage, divorce, or the birth of a child.
What is the purpose of this form?
The purpose of this form is to provide employees with a structured way to designate or update beneficiaries for their Group Insurance death proceeds. By completing this form, employees ensure that their life insurance benefits are directed according to their wishes, providing peace of mind and financial security for their loved ones. This form replaces any previous beneficiary designations, making it important to review and update regularly. Designating a beneficiary is a crucial step in estate planning. It helps avoid legal complications and ensures that the life insurance proceeds are distributed efficiently. Whether naming individuals, trusts, estates, or organizations, this form provides the necessary fields to capture all relevant information accurately. By following the detailed instructions provided, employees can complete the form correctly and submit it to their Benefits Administrator. This ensures that all beneficiary information is up-to-date and properly recorded, aligning with the employee’s current wishes and family circumstances.
Tell me about this form and its components and fields line-by-line.
- 1. Employee Information: Includes fields for the employee's name, social security number, marital status, gender, address, contact numbers, date of birth, hire date, retirement date, and employer details.
- 2. Beneficiary Designation: Allows for the designation of primary and contingent beneficiaries, specifying names, relationships, addresses, social security numbers, and percentage shares.
- 3. Trust Designation: For naming a trust as a beneficiary, includes spaces for trustee information, trust agreement title, and execution date.
- 4. Authorization/Signature: Section where the employee must sign and date the form to authorize the beneficiary designations.
What happens if I fail to submit this form?
Failing to submit this form means your life insurance proceeds may not be directed according to your current wishes. Instead, the proceeds may be paid to your estate.
- Proceeds Distribution: Without a designated beneficiary, the death proceeds will be paid to your estate, which may not align with your preferences.
- Legal Complications: Undesignated proceeds can lead to legal disputes among potential heirs.
- Delay in Payments: Processing the payment through an estate can cause delays in beneficiaries receiving life insurance proceeds.
How do I know when to use this form?
- 1. New Policy: When setting up a new Group Insurance policy, use this form to designate beneficiaries.
- 2. Life Event: After a significant life event, such as marriage, divorce, or the birth of a child, update your beneficiaries.
- 3. Policy Review: During policy reviews or annual updates, ensure your beneficiary information is current.
- 4. Trust Changes: If you have made changes to a trust, update the beneficiary information to reflect these changes.
- 5. Estate Planning: As a part of your estate planning process, use this form to specify how your life insurance proceeds should be distributed.
Frequently Asked Question
What types of beneficiaries can I designate on this form?
You can designate individuals, estates, corporations/organizations, and trusts as beneficiaries.
How do I assign percentage shares to multiple beneficiaries?
Indicate the percentage share designated to each beneficiary ensuring the total for all primary beneficiaries equals 100%.
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What should I do after completing the form?
Submit the completed form to your Benefits Administrator, and keep a copy for your records.
Can I name multiple primary and contingent beneficiaries?
Yes, you can name up to four primary and four contingent beneficiaries on this form.
What happens if a designated beneficiary predeceases the insured?
If a designated beneficiary predeceases the insured, the proceeds will be paid to the remaining designated beneficiaries in equal shares unless otherwise specified.
How do I designate a trust as a beneficiary?
Select 'Trust' as the Beneficiary Description and provide the name, address, and date of the Trust Agreement in Section 3.
What information is required for an individual beneficiary?
You need to provide the first name, middle initial, last name, address, relationship, and Social Security number of the individual beneficiary.
