- September 2010 > Insurance Insights
Your UT Group Term Life and Accidental Death and Dismemberment (AD&D) insurance offers valuable financial protection to you and your family in the unfortunate event of your or your dependent’s death. To help ensure your life insurance benefits are paid according to your wishes, it is important to designate, or choose, your beneficiary. Dearborn National, the life and AD&D carrier for the UT Group Insurance Program since 2004, has made the designation process as easy as possible so you can make your choices and put your mind at ease. You can now enter your beneficiary designations and make changes easily on Dearborn National’s secure online site. Detailed information on how to access this site is provided in this article.
What is a beneficiary?
A beneficiary is a person or estate that will receive the benefit payment from your Life and AD&D insurance plans upon your death. Family, in-laws, friends, domestic partners, charitable organizations and trusts all qualify as a beneficiary. Minor children can be a beneficiary too, but claim payments must go to the duly appointed guardian of the child’s estate.
Since your covered spouse and dependent children do not designate a beneficiary for their life insurance coverage, you are automatically the beneficiary for your covered spouse and dependent children.
How many beneficiaries can you designate?
You will be able to designate one or more Primary and Contingent Beneficiaries and assign percentages. The Primary Beneficiary receives the life and AD&D insurance payment if you die. The Contingent Beneficiary is an alternate beneficiary who only receives the payment if the Primary Beneficiary dies before you do. Although it’s optional, we recommend that you name a Contingent Beneficiary. Percentage totals for both the Primary and the Contingent Beneficiaries must total 100% each.
Do you need to update your beneficiaries?
You should visit the Beneficiary Designation website to choose your beneficiaries if you have never done so in the past with a paper Beneficiary Designation Form. You should also ensure your current designations are up-to-date. If you completed your Beneficiary Designation Form prior to being insured with Dearborn National (prior to July 1, 2004), your beneficiary information may not be on file with Dearborn National.
You should review your beneficiaries each time you have a major life event (e.g. marriage, divorce, birth, etc). However, you may review and/or update your beneficiaries at any time. There is no limit to how often or how many times you can change your beneficiaries. You may change your beneficiaries at any time without their consent.
How do I designate my beneficiaries online?
With the online Beneficiary Designation option, Dearborn National has made it easy for you to designate your beneficiaries for your life and AD&D insurance benefits. Just follow these simple steps:
Assemble the following information you will need to add or change a beneficiary. You may need to obtain or confirm the personal information listed below from your beneficiaries.
- List of beneficiaries you will be designating
- Percentage amount you wish each person to receive (The total beneficiary percentage must equal 100%, which you can assign to one person or a number of individuals.)
- Relationship of beneficiaries to you (e.g. spouse, child, estate, etc.)
- Social Security or Tax ID number of your beneficiaries
- Full mailing address of each beneficiary
- Date of birth of each beneficiary
You can access the secure Beneficiary Designation website as follows:
- Log in to the UT Office of Employee Benefits homepage at www.utsystem.edu/benefits.
- Click on the My UT Benefits box (left side of page).
- Log in using one of the listed options (e.g. Benefits ID and PIN, Social Security Number and PIN, etc.).
- Either on the Personal Information page or the Benefits Summary page, click on the “online beneficiary designation” link in the first paragraph.
- If you have previously completed a paper Beneficiary Designation Form, click on the Beneficiary Designation Imaged Prior to 07/1/2010 form(s) under the Previous Designations section (left side of page) to access. All Beneficiary Designation Forms scanned prior to July 1, 2010 will show a date of June 30, 2010.
- Click on the Designate button to proceed.
Enter your beneficiary information, including full legal name, phone number and Social Security Number. Use the drop down menu to select the relationship for each beneficiary.
Type your legal name (not your nickname) and click on Confirm & Save Designations. This will display another screen that will say, “Thank you! Your initial Beneficiary Designations have been accepted and submitted.”
You will be able to click on the View & Print Form, which will launch the full-size form showing your designations. If you change your mind or want to edit anything, simply click on Edit and follow the instructions. After you follow these simple steps, your beneficiary information will be stored on a secure website for future reference.
If you have completed a paper Beneficiary Designation Form, do you still have to enter your designations online?
We strongly encourage everyone to complete the online form to ensure that all information can be clearly read and understood by Dearborn National at the time of a death. Also, you will be able to easily make changes to the online information rather than having to complete and mail another paper form. However, you are not legally required to complete the online Beneficiary Designation process.
Who do I call if I need help getting to the website or have questions about using the site?
Please contact your local institution Benefits Office if you need assistance logging into My UT Benefits or cannot access the online beneficiary management website.
For questions on how to navigate the online beneficiary management website, please call Dearborn National's technical support department at 877-828-2885.
What if you do not have access to the Internet or have questions?
You may call the Dearborn National Customer Service department toll free at 1-866-628-2606 to confirm your current beneficiary designations or to answer any questions you may have about your insurance plan, claims or services. Their Customer Service department is available Monday through Friday from 8:00 a.m. to 6:00 p.m. Central Time.
If you do not have access to the UT Office of Employee Benefits website and need to designate or change a beneficiary, you may obtain the Beneficiary Designation Form from your local institution Benefits Office or by calling Dearborn National Customer Service. You should complete, sign and mail the form directly to Dearborn National at the address on the form.
What about my other Beneficiary Designations?
In addition to updating your Life/AD&D beneficiary with UT, you should review your designated beneficiaries on file with the Teacher Retirement System (TRS), or with your providers under the Optional Retirement Program (ORP), UTSaver Deferred Compensation Plan, or UTSaver Tax Sheltered Annuity. Please contact the administrators of these programs for more information.
Check your insurance enrollment elections on your September payroll statement.
If you have a Benefits question, submit your question by replying to the “newsletter email” or by sending an email to firstname.lastname@example.org.
UT System Employee Benefits Web site: www.utsystem.edu/benefits/
UT System Retirement Programs Web site: www.utretirement.utsystem.edu
Your Local Benefits Office: http://www.utsystem.edu/benefits/contacts#1