The fresh start of a new year is an inspiring time to set goals, make changes, and be the best version of yourself. The turning of the calendar is also the perfect annual reminder to review your life insurance beneficiary information and ensure it is up to date.
Your life insurance beneficiary is a fundamental detail of your policy. This person will receive your life insurance payout in the event of your death. Keeping this information current is crucial to maintaining your loved one’s financial well-being. It makes it easier for them to submit a life insurance claim and promptly receive benefits when needed. It ensures you that the right person will receive the benefit.
Beneficiary Update Considerations
Review the beneficiary details of your policies annually with the following areas in mind:
- Birth of child
- Health status of the beneficiary
If your beneficiary will remain the same, it’s still necessary to review the current details on file. If that person’s information has changed, like if they have moved or changed their name, those updates need to be made on your insurance record.
Insurers across all providers, including SGLI and VGLI, agree – an annual beneficiary review is a MUST! If now isn’t the best time to make updates, then birthdays, anniversaries, or even deployments can also serve as annual reminders to review beneficiary information.
Updating Your Policy
For USBA policies, Members can download a Beneficiary Change Form in the Member Service Center. Making updates is as easy as completing and submitting the form. If you have questions about your policy, contact a USBA Product Specialist at 877-297-9235 between 9:00 am – 4:00 pm Central time, Monday through Friday.
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.