HR, Payroll and Benefits News

Reviewing Your Beneficiary Designations
April 30, 2020

When was the last time you reviewed your beneficiary designations?

Naming a beneficiary allows you to pass a financial interest on after you have passed away. If you do not recall who you have listed as your beneficiary, or you have experienced a life event such as a marriage, divorce or birth of a child, review your designations and submit new forms if necessary. The most recently dated form on file at the time of your death is binding for the payment of all proceeds.

Here is a list of the plans that have benefits payable to beneficiaries:

To see which benefit plans you are enrolled in, log into the portal for UW System institutions or for UW-Madison and follow these steps:

  1. Go to the Benefit Information module and click Launch full app.
  2. On the Summary page, review the Coverage column to see which plans you’re enrolled in (Waive indicates you are not enrolled).
  3. Click Next to see additional plans.
  4. Compare the plans you are enrolled in to the plans that have benefits payable to beneficiaries.

Some plans allow you to update your beneficiary designations online while others require a signed designation form. The UW System Beneficiary Information page provides information on how to designate a beneficiary for each benefit plan. If a plan you are enrolled in requires a paper form, you may print the applicable beneficiary form(s) from the Beneficiary Information page.

Once you have completed the appropriate forms, mail them directly to the address listed on the form (not to your human resources office).

Source: UW System Human Resources
Categories: Insurance