30 Second Insurance Tips©

Tip 5- Who’s The Beneficiary?

Marriages end. Family relationships change.

All of your employees named a beneficiary when they first enrolled in your company’s group life insurance plan. But do they remember to update their beneficiaries when circumstances change?

If one of your employees were to die, do you want to be involved in a dispute over the death benefit? As an employer, it is your responsibility to provide the most recent beneficiary designation form (sample) to the insurance company.

Sure, it’s your employees’ responsibility to make any changes. But, from time to time, it’s a good idea to ask them to update their beneficiary designation. Do it once a year. Just in case.

It could certainly save you a headache or two.