Beneficiary Updates
Naming a beneficiary ensures that if you were to pass away, your life and AD&D benefits will be paid according to your wishes. It’s important to review and update your beneficiary designation regularly, especially after major life changes like marriage, divorce, or the birth of a child.
Ensure Your Beneficiary Designations are Up-to-Date
Have you named a beneficiary for your life and AD&D insurance? A beneficiary is a person (or several people) or an entity (for example, a charity) who you want your life and AD&D insurance to be paid to upon your death. It’s important to keep this information current so those you care about receive these benefits, reflecting your wishes.
Why Designate a Beneficiary?
Naming a beneficiary allows your life and AD&D insurance to be paid directly to them, tax-free, without delays associated with estate settlement. If you don’t assign a beneficiary, benefits will be paid to your estate, potentially incurring probate fees and delays.
When to Review Your Beneficiary Designations
Review your beneficiaries regularly (at least annually), and whenever you experience a major life change such as marriage, divorce, or the birth of a child.
How to Make or Update Your Beneficiary Designation
You can access your OTIP secure account (log in then choose Health and Dental) at any time to confirm if your beneficiary designation is on file, or if changes you’ve submitted have been received and updated.
You can also contact OTIP to request a beneficiary designation form.
Appointing a Trustee
Minor Beneficiaries
If your beneficiary is a minor (under age 18), you will need to appoint a trustee (a trusted adult) to manage the benefits until they reach adulthood.
Incapacitated Beneficiaries
If your beneficiary is an adult who is unable to make decisions about their finances and care, consider appointing a trustee. Without one, benefits may be paid to the court unless the CUPE EWBT receives prior authorization or proof of Power of Attorney.
Contact OTIP for any questions or assistance.
Have Questions About Your Beneficiaries?
We’re here to help. Check out our Contacts Guide to find the best resource to get the answers you need.