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Designating a life insurance beneficiary is important, as it ensures your loved ones are taken care of. Life insurance can be paid directly to your named beneficiary within a few weeks of your death. Your loved ones do not have to wait for your estate to be settled.
The Primary Beneficiar(y)(ies) is the person or persons who will receive the life insurance proceeds when you pass away.
The Contingent Beneficiar(y)(ies) is the person or persons who will receive the life insurance proceeds if the primary beneficiar(y)(ies) should die before you.
If you name a minor child or children, under the age of 18, as a primary or contingent beneficiary, you must appoint a trustee. The trustee will receive the policy proceeds upon your death and has a legal duty to use those proceeds for the benefit of the beneficiary. You will want to appoint someone who is capable of managing the policy proceeds wisely for the minor’s benefit.
It is important to regularly check who you have named as your beneficiary. Did you recently go through a separation or divorce? Did you have another child? Did your child get married and change his/her name? Each time you have a life event, you should verify that your beneficiary information is correct.
When 3sHealth is notified of your death, we automatically check your file for your most recent beneficiary designation. Your life insurance proceeds will be paid to the most recent beneficiary on record.
You may change your beneficiary designations at any time. Please call a Benefit Services Officer toll-free at 1.866.278.2301 if you would like to verify or change your beneficiary.