Trustee forms are available from Financial Services. In the event of your death, the child may have to wait until age 19 before the funds can be released if no trustee has been appointed. You may change your beneficiary designation at any time by completing and returning the Change of Beneficiary Form available from your Service Representative in Financial Services. Please note that any changes are not in effect until the Change of Beneficiary Form has been returned to Financial Services. If you are diagnosed with a terminal illness and are expected to die within twelve months, you may be eligible to be considered for a Living Benefits Loan to provide relief from financial hardship.
Interest is charged at a rate determined by the insurance carrier.
In the event of your death, the benefit paid to your beneficiary or estate would be the amount of your Basic Group Life Insurance coverage less the Living Benefits Loan amount and any interest accrued on the loan to the date of death. For further information on eligibility for Living Benefits Loans and initiating claims, please contact Human Resources. If your insurance terminates or reduces for any reason other than the termination of the policy, you have 31 days after the termination or reduction date to convert all or a portion of your Basic Group Life coverage to an individual policy with the insurance carrier. During this 31-day conversion period, individual policies are available from the insurance carrier for the same amount of insurance as you had during your employment without evidence of good health. Application for conversion must be received by the insurance carrier within 31 days of the date of termination or reduction.