Review Your Beneficiary Designations
When was the last time you reviewed your beneficiary designations? Naming someone as beneficiary is an opportunity to pass a financial interest to your loved ones after you’re gone. If it’s been a while since you’ve reviewed your beneficiary designations, or if you have experienced a major life event such as a marriage, divorce or birth of a child, now may be a good time to review your designations.
To see which benefit plans you are enrolled in, log into MyUW for UW-Madison or for all other UW System institutions. Go to the Benefit Information app and click “Launch full app.” Review the “Coverage” column on the “Summary” page to determine the plans you are enrolled in (“waive” indicates you are not enrolled). To see additional plans, click “Next” at the bottom of the screen. Then compare the plans you are enrolled in to the list below. These are the benefit plans that have benefits payable to beneficiaries:
- State Group Life Insurance
- Individual & Family Life Insurance
- UW Employees, Inc. Life Insurance
- University Insurance Association Life Insurance
- Accidental Death & Dismemberment (AD&D) Insurance
- Health Savings Account (HSA)
- Wisconsin Retirement System (WRS)
- UW Tax-Sheltered (TSA) Annuity 403(b)
- Wisconsin Deferred Compensation (WDC) 457
Next, go to the UW System Beneficiary Information page to print the applicable beneficiary form(s). Note: Some of the plans may allow you to update your beneficiary designations online.
Once you have completed the appropriate forms, send them directly to the benefit plan listed on the form (not to your human resources office).
If you do not remember who you have listed as a beneficiary for your benefit plans, you can simply submit a new beneficiary designation. The beneficiary designation on file at the time of your death is binding in the payment of your benefits. If you do not have a beneficiary designation on file when you pass away, your benefits will be paid out according to standard sequence. Go to the UW System Beneficiary Information page to learn more about standard sequence.
Source: UW System Human Resources