Life can be unpredictable and it’s important to be prepared so that you know your loved ones are taken care of in the event something happens to you.
Have you been Married? Divorced? Had children? If so, when was the last time you reviewed the beneficiaries on your Basic and Voluntary Term Life policies?
If something were to happen to you the last designated beneficiary(ies) would receive the financial benefit of your life insurance regardless whether it was an ex-spouse or only those older children named because you never got around to adding the younger ones.
We strongly encourage you to check your beneficiary designations every year and consider adding a contingent beneficiary in case something happens to the primary beneficiary before you have a chance to update your paperwork.
You should always keep a copy of all life insurance paperwork in a safe place at home, with your accountant or a trusted family member. Your HR office will also have a copy of your beneficiary designation forms in your personnel file.
Additionally, as a participant in the state’s Basic Life policy, you have access to Will & Legal Document Services at no charge. You and your spouse can create, print and store essential legal documents – such as a will, living will, healthcare power of attorney, durable power of attorney, and medical treatment authorization for minors. Plus, you can access estate planning tools and a personal information organizer. Check out the Principal Discounts & Extras on the Be Healthy page of the OGI website.
Keeping beneficiary designations up to date is an important part of a comprehensive estate plan. Set an annual date on your calendar to review your estate details!