Add or Change Life Insurance Beneficiaries

Transcription

1 Add or Change Life Insurance Beneficiaries Please visit the Benefits web site for comprehensive information about Basic life insurance and Supplemental life insurance. Click on a staff category from the lefthand navigation menu, then click on life insurance. IMPORTANT You can also contact the Employee Service Center at to learn more about these life insurance benefits. Please note, at this time, Post Doctoral Associates are not eligible for Basic life insurance and Post Doctoral Fellows are not eligible for Basic life insurance or Supplemental life insurance benefits through Yale University. 1 Open an internet browser and type in the following address to access the portal: /portal. 1 2 Click Login to the portal, then log in with your NetID and password. 2 3 Click the My Benefits link on the upper right hand corner of the Portal Faculty will see a different menu pane. Revision 9/2011 1

2 5 Click View in the My Health & Insurance box. 5 6 Select the link within the Designations bulleted item. 6 Revision 9/2011 2

3 The information contained in this section is a general overview of Yale s Basic life insurance and Supplemental life insurance benefits. Please refer to the Benefits web site for comprehensive life insurance information. Click on a staff category from the left hand navigation menu, then click on life insurance. Basic life Insurance: Enrollment in Group Term Basic life Insurance is automatic. Yale University provides all eligible employees and Faculty with Basic term life insurance and an equivalent amount of Accidental Death and Dismemberment coverage. Enrollment in Group Term Basic life Insurance is automatic. Eligible employees participate without payment of premiums in a non contributory group term life insurance plan. Supplemental life Insurance: The University currently offers all eligible employees the opportunity to purchase Group Term Supplemental life Insurance and an equivalent amount of Accidental Death and Dismemberment coverage in multiples of 1, 2, 3, 4 or 5 times their base annual salary or a flat amount of $50,000. The maximum amount of coverage is $1,500,000. The monthly cost of insurance is based on the age of the employee and the amount of term life insurance elected. Beneficiaries: You may designate different Beneficiaries for the Basic and Supplemental life insurance policies. A is a person whom you designate to receive compensation upon your death. You can update information at any time during the year. 7 Review your Designations. If no modifications are required, continue to step 17. If modifications are needed, continue to step 8. 7 If you do not see designations for Life insurance and/or Supplemental life insurance, continue to step 8. Revision 9/2011 3

4 8 To update your information or add a new to your Basic life insurance or Supplemental life insurance, click Edit Designations. 8 If you have elected to participate in both Basic life insurance and Supplemental life insurance, you can choose different Beneficiaries and percentages for each plan. Beneficiaries can be added to one plan or both plans, based on the percentages that you assign. 9 For existing Beneficiaries, select Primary or Contingent from the Designation drop down box. To change the Percentage disbursement, type new percentages for each. 9 Note: Percentages must be in whole numbers. For example, splitting percentages bewteen three beneficiaries as evenly as possible will result in two beneficiaries at 33%, and one at 34%. Contingent Beneficiaries are the people, trusts, or estates that are designated to receive the assets of deceased people in the event that the primary is no longer able to receive the assets. Revision 9/2011 4

5 10 After updating your Designations, click Continue Click Save To designate a new, click Add. 12 Revision 9/2011 5

6 13 From the dropdown list provided, select the s relationship to you Type information next to the fields marked with an asterisk (*), then click Continue. If the resides at your home address, continue to step 16. If the has an address that is different than yours, click in the box next to Address same as your address to de select the option. Then enter the new s home address. 14 Revision 9/2011 6

7 15 Verify the information you have entered is correct. Click Save To add another, click Add then return to step 13. If you are done adding Beneficiaries, click Continue, then return to step 8 and assign Designations and Percentages to your new Beneficiaries Click Logout to return to the My Benefits web site. 17 Revision 9/2011 7