Remember to update your group life insurance beneficiary
If you’ve recently had a life event, make sure you are advising Beneplan or your plan administrator to update your beneficiary for Canadian group life insurance and group long term disability (if applicable):
- Recently married, separated or divorced
- New baby
- Other significant life event
Why is this important?
- If you do not add a named beneficiary in your group life insurance benefit, the amount will automatically be paid to your estate.
- Handling life insurance within an estate is problematic, because it may be subject to probate fees, and likely will not have creditor protection (ask your financial adviser for more details).
If you’re a Beneplan plan member, email email@example.com to start the process of updating your beneficiary.
As always, you’re welcome to call us at 1-800-387-1670 if you have any questions.