A new year can mean a fresh start. It’s also a good time to review your beneficiary information to ensure it’s up to date. You should do this regardless of whether your life insurance is provided by USBA, SGLI, VGLI or another insurer.
As a reminder, your life insurance beneficiary is the person you name who will receive the death benefit from your life insurance policy in the event of your death.
Because your life insurance is intended to help maintain your loved ones’ financial security, keeping this crucial information up to date will make it easier for them to submit a life insurance claim and promptly receive benefit payout when needed.
Insurers recommend you review your beneficiary information once a year and after any major life event, such as marriage, divorce, or the birth of a child, to make sure everything is correct. An upcoming deployment is also a good time to review your beneficiary details.
If you’re thinking that your beneficiary will remain the same, it’s still necessary to review the details. It’s possible, for example, that person may have moved or had a name change. It’s important to update that information, and your annual beneficiary review is the perfect time to take care of that.
Are you covered by SGLI? If so, they make it easy. You’ll be prompted to review your beneficiary annually during your birthday month.
If you’re a USBA Member, you can now access the form to update your life insurance beneficiary online. Log into the Member Service Center and download a Beneficiary Change Form. If you need help, you can call one of our Product Specialists at 800-821-7912, Monday through Friday, 9:00 am to 4:00 pm, Central time.
USBA is a not-for-profit Association that provides group life insurance, health insurance supplements, and other products and services to military personnel, Federal employees, National Guard and Reserve members, Veterans and their families.