First things first, most of us have heard the term beneficiary thrown around but, how many of us actually know what it is? Generally, a beneficiary is a term used to describe someone who is the recipient of something. It could be money or property or almost anything else really. So why is it so important to name one? Or, how do you become one? Well, to become one, someone has to decide they want you to be their beneficiary. You could be named as a beneficiary on a retirement account, a life insurance policy or a will. The beneficiary doesn’t always have to be a person, it could be a charity. Good to knows about beneficiaries and life insurance policies If a beneficiary is not named, your estate becomes the beneficiary. Meaning your family would have to go through the legal system to have any money or property distributed among them.
Naming a beneficiary is so important because it can help take some of the stress away from your loved ones in the event of your death. You decide how you want your money distributed and your loved ones can focus on what’s important during such a challenging time.
A beneficiary is the person or entity named in a life insurance policy, retirement plan or health savings account. This is the person that receives the benefit upon death. The beneficiary designation on file at the time of death is binding in the payment of your benefits. Whenever you have a life event, such as a marriage, divorce or birth of a child, review and update your beneficiary designations. Beneficiary designations can be changed at any time. Links to the vendor’s online portals and paper forms can be found below. Send completed forms directly to the benefit plan vendor (not to your human resources office). The appropriate address can be found on each form. Retain a copy of the beneficiary designation forms for your records (the UW System does not process or retain the forms). If you do not have a beneficiary designation on file, benefits will be paid in the order of “Statutory Standard Sequence” (a Wisconsin State law):
All claims associated with the death of a covered family member will be paid to the employee. Plans with Beneficiary DesignationsWisconsin Retirement System (WRS), State Group Life Insurance, and accident insuranceWRS, State Group Life Insurance and Accident Insurance share the same beneficiary designations. Employees have the option to complete one of two forms. State Group Life Insurance Policy Number: 2832-G Individual & Family Life InsuranceEffective March 1, 2022 Securian will begin management of the Individual & Family Life Insurance beneficiaries. Watch your email for details. There is a 60-day conversion window for you to name a beneficiary using the new process. If you do not name a beneficiary during the 60-day conversion window, any paper form you completed and submitted to UW System Human Resources prior to March 1, 2022, will no longer be valid as of May 1, 2022. As of March 1, 2022, beneficiary designations can be made online or by paper. Group Policy Number: 32871-G UW Employees, Inc. Life InsuranceOnce enrolled, beneficiary designations can be made online or by paper.
Group Policy Number: 33977-G University Insurance Association (UIA) Life InsuranceOnce enrolled, beneficiary designations can be made by paper. Group Policy Number: 32872-G Accidental Death & Dismemberment (AD&D) INSURANCEOnce enrolled, beneficiary designations can be made by paper. Group Policy Number: GTU 8364005 *For annuitants who continued their AD&D Insurance coverage after retirement, mail the completed beneficiary form to the plan broker: Hausmann-Johnson Insurance, P.O. Box 259408, Madison, WI 53725-9408 Accident InsuranceAccident Insurance, WRS, and State Group Life Insurance share the same beneficiary designations. Employees have the option to complete one of two forms.
Accident Insurance Policy Number: 76038 Health Savings Account (HSA)Beneficiary designations can be made online or by paper. UW 403(b) Supplemental Retirement Program (SRP)Contact your 403(b) reconrdkeeper(s) to obtain a beneficiary designation form. TIAA and Fidelity participants can update beneficiary designations through their online account. Current Recordkeeper Contact Information:
Frozen Recordkeeper Contact Information: Wisconsin Deferred Compensation (WDC) 457 PROGRAMThe recordkeeper for the Wisconsin Deferred Compensation (WDC) program is Empower. Beneficiary designations can be made online or by paper.
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Every effort has been made to ensure this information is current and correct. Information on this page does not guarantee enrollment, benefits and/or the ability to make changes to your benefits. A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit. You can name:
If you don’t name a beneficiary, the death benefit will be paid to your estate. Two “levels” of beneficiariesYour life insurance policy should have both “primary” and “contingent” beneficiaries. The primary beneficiary gets the death benefits if he or she can be found after your death. Contingent beneficiaries get the death benefits if the primary beneficiary can’t be found. If no primary or contingent beneficiaries can be found, the death benefit will be paid to your estate. As part of naming beneficiaries, you should identify them as clearly as possible and include their social security numbers. This will make it easier for the life insurance company to find them, and it will make it less likely that disputes will arise regarding the death benefits. For example, if you write "wife [or husband] of the insured" without using a specific name, an ex-spouse could claim the death benefit. On the other hand, if you have named specific children, any later-born or adopted children will not receive the death benefit—unless you change the beneficiary designation to include them. Besides naming beneficiaries, you should specify how the benefits are to be handled if one or more beneficiaries can’t be found. For example, suppose you have two children and you name each one to receive half of the death benefit. If one of the children dies before you do, do you want the other child to get the entire death benefit, or the deceased child’s heirs to get his or her share? If the death benefit goes to your estate, probate proceedings could delay distributing the money, and the cost of probate could diminish the amount available to your heirs. Choosing beneficiaries, and keeping those choices up-to-date, is an important part of owning life insurance. The birth or adoption of a child, marriage or divorce can affect your initial choice. Review your beneficiary designation as new situations arise in order to make sure your choice is still appropriate. |
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