Looking for information about naming or making changes to a beneficiary? Read on for all the details.
Choosing a Beneficiary
The beneficiary (or beneficiaries) you choose is the only person who can receive the proceeds of your Life Insurance and Accidental Death & Dismemberment (AD&D) plans if you pass away. Here are some things to consider when choosing a beneficiary:
- If you want your Life Insurance and AD&D proceeds to be divided among multiple individuals, you can choose more than one beneficiary.
- If you choose a person under 18, you’ll also need to appoint a trustee.
- You can change your beneficiary at any time without their consent.
- If you haven’t chosen a beneficiary, or if they pass away before you, your Life Insurance and AD&D proceeds will be paid to your estate.
When you enrol in ASEBP benefits, you are asked to designate your beneficiary(ies) by completing an Appointment of Beneficiary(ies) form with your employer. If you are unsure who you named as your beneficiary(ies), we recommend you complete a new form. Alternatively, you can talk to your employer about accessing your original form.
As there can be legal implications with designating a beneficiary, you may want to consider consulting a lawyer before making your decision.
Updating your Beneficiaries
To update your beneficiary information, please complete a new Appointment of Beneficiary(ies) form. If you want to name the same beneficiaries for both plans, simply complete the Life Insurance portion of the form and check the applicable box in Section B.
If you’re an active employee, please submit your form(s) directly to your employer. If you are an early retiree, substitute teacher, casual staff member, part-time employee, Retired Incentive for Teachers and Employees (RITE) recipient or are collecting Extended Disability Benefits but are no longer connected to your employer, please submit directly to ASEBP.