Assigning a Life Insurance Beneficiary

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Be a Wise Healthcare Consumer

Family holding hands It Pays to be Prepared

Even with annual reminder articles in this newsletter and encouragement at Annual Enrollment, fewer than 50% of UT System employees and retirees have a beneficiary designation on file saying who should receive their life insurance benefits. That means that more than half the time, surviving family members have to wait for legal questions to be resolved before even a single dollar is paid out. The uncertainty when nothing is on file also means there may be more frequent estate challenges over who is entitled to receive the benefits.

Each time an article runs about submitting beneficiary information, there’s a small uptick in the number of people with a current designation on file. Progress is slow, often just a percentage point or two at a time. That’s why both the HR/Benefits reps at your institution and the UT account team at Dearborn National (the provider of Basic and Voluntary Life Insurance for UT System employees and retirees) tell us that one of the top items on their wish list is to increase the number of beneficiaries on file. Having this information available makes it possible to get life insurance benefits paid out as quickly as possible. In a time of stress, this can be a huge relief to surviving beneficiaries.

If you’re one of the people with nothing on file yet and you need some motivation or inspiration to get you moving to complete your beneficiary designation form, Dearborn National (DN) has just announced a program to help your Life benefit get into the hands of your beneficiaries even sooner. DearbornCares is a new service offered by DN that provides up to a $10,000 advanced payment of the total Employee or Retiree Basic Group Term Life insurance benefit to help beneficiaries cover their immediate expenses such as funeral costs and medical bills.

How does this work?* For Employees, $10,000 of the $40,000 Basic Life benefit ($6,000 for Retiree Basic) is eligible for advanced payment once the institution is notified of death and the claim is submitted to DN. Upon receipt, DN will mail the payment to the beneficiaries within 48 hours of confirmation. Any remaining benefit is handled using standard processes. It truly is that simple. However, it’s only an option if you have a beneficiary form on file.

Below you can find details about how to update your beneficiary for your Basic Life coverage and VGTL through Dearborn National. While you’re at it, you may want to be sure your beneficiary is up to date for other accounts, such as TRS or the appropriate provider for your ORP or UTSaver account.

To update your beneficiary information, please follow the directions below for each provider.

  • UT Life and Accidental Death and Dismemberment (AD&D), offered through Dearborn National – two options:
    • Online – Log into My UT Benefits as you do during annual enrollment. (If link doesn't work for you in Explorer, try another browser.) There are several methods for logging in. Most use the single sign on option and select your institution from the list of institutions.
    • Paper form – Send directly to Dearborn National at the fax or address at the bottom of the form.

NOTE: Dearborn National also provides online will preparation at no cost to the employee.

  • Teachers Retirement System (TRS) – Complete form TRS15 and send directly to TRS.
  • Optional Retirement Plan (ORP) – Contact your retirement provider for a form and send it directly to the provider.
  • UTSaver Tax Sheltered Annuity (TSA) – Contact your retirement provider for a form and send it directly to the provider.
  • UTSaver Deferred Compensation Plan (DCP) – Contact your retirement provider for a form and send it directly to the provider.

While planning, consider providing a contact list for your loved ones so they will know exactly who to call for work-related beneficiary and benefits information:


*Limitations – DearbornCares is not available for Voluntary Group Term Life insurance claims, dependent claims, claims with more than two beneficiaries, or claims involving a death that may be the result of a homicide.