Group Life Insurance
The Importance of Beneficiary Designation
When life's big events happen, don't forget the paperwork
Marriage. Divorce. Birth. Adoption. Death of a loved one. When life's big events happen, it's hard to remember to take care of all the paperwork. But it's essential to do so.
What important piece of paperwork do you need to update when you face one of life's big events? Your Beneficiary Designation.
The Beneficiary Designation specifies who will receive your Group Life Insurance proceeds in the event of your death. Most importantly, by keeping your Beneficiary Designation up-to-date, you get real peace of mind knowing you've taken the necessary steps to make your wishes known and carried out.
So, take the time to review and confirm that your Beneficiary Designation is up-to-date. Here's what to do:
- If you want to keep your same beneficiaries -- and you have provided Social Security Numbers (SSNs) for all beneficiaries -- there is no need to do anything! Everything will remain the same.
- If you have recently faced a life event, and want to add or change beneficiaries, it's easy. Just follow these simple steps:
To update Beneficiary Designations
- If this is your first time enrolling in the Group Life Insurance plan, complete the Beneficiary Designation section of the enrollment form
- If you have already designated beneficiaries and want to make a change, use the Beneficiary Designation form (XGR/740). Find the form online at www.sunlife-usa.com. Go to Customer Service Center, Forms, Group Insurance Forms.
- Make sure you read all of the instructions, sign and date the form and return it to your employer. Your new designation will replace all prior designations made on past enrollment or beneficiary forms.
Questions? Please contact your Human Resources department or Benefits Representative.
NOTE: Sun Life Financial is not a tax or legal advisor and the above information is provided as general information only. Before making or changing beneficiary designations, you may want to consult your tax or legal advisor.
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