Group Term Life Insurance Beneficiary Options and Management

Group term life insurance allows you to choose who will receive the death benefit in the event of your passing. This is typically done through a beneficiary designation.

A beneficiary is the person or entity you designate to receive the death benefit. You can name one or multiple beneficiaries, and even specify the percentage of the benefit each one will receive.

To manage your beneficiary options, you'll need to update your beneficiary designation form. This form is usually provided by your employer or insurance provider.

You can name one or multiple beneficiaries for your group term life insurance policy. Typically, the policyholder names the beneficiary, but it's also possible to name a contingent beneficiary in case the primary beneficiary predeceases the policyholder.

It's essential to review and update your beneficiary information periodically to ensure it reflects your current wishes. You may need to provide proof of death or other documentation to process a claim, so it's crucial to keep your beneficiary information up to date.

You can update your life insurance beneficiaries online through the MetLife/MyBenefits website.

To get started, go to metlife.com/mybenefits and log in using the user name and password you created during registration.

Click on Life Insurance – Group Term Life under the Products & Services tab, then click Add/Update Beneficiaries to follow the steps to designate a beneficiary for your life insurance.

Alternatively, you can also designate a beneficiary via a paper form, but you'll need to return the completed and signed form to Securian.

Coverage for dependents can be a complex topic, but understanding the basics can help you make informed decisions.

The cost of employer-provided group-term life insurance on the life of an employee's dependent is not taxable to the employee if the face amount of the coverage does not exceed $2,000. This is considered a de minimis fringe benefit.

In some cases, an amount greater than $2,000 of coverage could be considered a de minimis benefit, so it's essential to review the specific circumstances.

If part of the coverage for a dependent is taxable, the same Premium Table is used as for the employee.

A group term life insurance provider offers a variety of coverage options, including guaranteed issue and simplified issue policies.

Look for a provider that offers flexible coverage amounts and payment options to suit your needs.

Some group term life insurance providers offer a conversion option, allowing you to convert your coverage to an individual policy after leaving the group.

Make sure to review the provider's financial stability and reputation to ensure they can pay out claims.

Group term life insurance providers often have a network of healthcare providers, but you can also opt for out-of-network care.