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Naming a beneficiary is an important task when planning for your loved ones. With the right planning, you can save them from having to make critical decisions during a very difficult time. 

If you have Life and Accidental Death and Dismemberment benefits, you’ll need to declare a beneficiary on your application form. 

You can choose one or any combination of the following:
•    A living person, 
•    A trustee, 
•    Your estate. 

Why is choosing a beneficiary so important?

If you haven’t named a beneficiary, any benefits payable will be paid to your estate. Resolutions for estate settlements can be a very lengthy and time consuming process.

If you name a child who is under the age of 18 as a beneficiary, benefits will not be able to be paid directly to that child. In these cases, please mark on your application form that the beneficiary is “in trust” so that the benefit can be paid to the trustee.

You can name either one single beneficiary, or multiples. If you name multiple beneficiaries you must specify the percentage allocated to each one. If a percentage is not specified, payment will be made in equal shares.

You may also want to consider naming a second beneficiary as a “contingent beneficiary”, in the event your primary beneficiary dies before you.

If you need to change your beneficiary at a later date, please complete the appropriate form provided by Human Resources and return it to them. It is important to keep your beneficiary designations up to date, and you should consider reviewing them after any major life event.