You must name a beneficiary for benefits under your Employee Life, AD&D, and BTA Insurance at the time your coverage begins. You will automatically be named the beneficiary of any Dependent Life and dependent AD&D benefits.
You may change your beneficiary designations at any time by completing a new form. (Forms for printing are available on-line via the Company intranet, or from your local Human Resources representative.) Your new beneficiary designation is effective the date you sign the form. It is your responsibility to keep your beneficiary designations up to date.
If you name more than one beneficiary and do not specify the order of rights, the beneficiaries you name will receive equal shares of your coverage amount(s). If one of your beneficiaries dies before you, his or her share will pass to any surviving beneficiaries in the following order: your spouse/domestic partner, children, parents, siblings, estate. Similarly, if you die without naming a beneficiary, your death benefits may be paid to your survivors in the following order: your spouse/domestic partner, children, parents, siblings, estate.
If a benefit is payable to a minor or someone who is not considered competent, the Insurance Company may make payment to the individual or institution that has custody and provides the main support for the beneficiary. Alternative methods of payment to a minor's estate or the establishment of an annuity may be available. All benefit payments to a minor will be made in accordance with the laws of the state in which the minor resides.
The Insurance Company will pay any amount of a funeral home assignment as long as the itemized bill matches the amount on the funeral home assignment. An itemized bill is required for any assignment over $6,000. If the assisgnment is more than the amount of the proceeds, all of the proceeds are sent to the funeral home and the beneficiary will be responsible for any amount that is not covered by the insurance..
If you have not elected a life insurance payment under any option other than a lump sum, your beneficiary may make a payment election after your death.
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