What you need to know
A beneficiary is a person (or people) you name to receive a benefit in the event of your death. Naming a beneficiary ensures your money will go where you want. Your loved ones will get timely access, without legal hassles, to money they’re entitled to in the event of your passing. If you don’t name a beneficiary, your benefit may not be paid to the person you intended, or the payment may be delayed. Your beneficiaries are recorded by the benefit vendor that offers the particular benefit.
It’s important to note that changes in relationship between you and the beneficiary (such as marriage or divorce) are not automatically applied to your beneficiary selections. For example, if you chose your spouse as your beneficiary and later divorce, you must update your beneficiary designation if you would like it to change.
Beneficiaries vary by benefit
The process varies for each benefit vendor. Visit each website below to confirm that you’ve chosen a beneficiary and that it doesn’t need to be updated.