Overview
When your Plan includes Peace of Mind Insurance coverage, like life insurance or accidental death and dismemberment coverage, you’ll be asked to add a beneficiary as part of setting up your account.
Wondering what a beneficiary is? That’s easy to explain! A beneficiary is the person (or people) who will receive the insurance benefit if you pass away.
That's why it's important to set your beneficiary information as soon as possible and keep it up-to-date and accurate. Any benefits will be paid out based on the information we have in your account.
Let’s learn a bit more!
The details
What’s a beneficiary?
A beneficiary is the person, people, or organization selected to receive an insurance benefit payout.
You can choose to have:
- One beneficiary
- Multiple beneficiaries
- You’ll be able to split between beneficiaries
As an example:
- 100% to one person
- 50% to one person, and 50% to another
Most of the time, you’ll set up your beneficiaries when you set up your account with us.
Revocable vs irrevocable beneficiaries
When you add a beneficiary, you’ll see the option to select either revocable or irrevocable beneficiaries.
A revocable beneficiary can be changed or updated by you at any time. You won’t need consent from your current beneficiary, and you’ll be able to do that in your Member Centre.
To make a change:
- Login to your Member Centre
- Select ‘Beneficiaries’ from the Benefits menu in the top right
- Click on ‘Manage beneficiaries’
- Enter your new beneficiary's information
An irrevocable beneficiary has legal rights connected to being designated as a beneficiary. This means that changes can’t be made without their written consent. If you’d like to change your irrevocable beneficiary, additional documentation will be needed before the change can be made.
Changing a revocable beneficiary will involve:
- Reaching out to our team to confirm next steps
- Collecting an acknowledgement from your current beneficiary
- Providing our team with the acknowledgement
- Making the updates in your Member Centre
Why beneficiary information matters
If the situation arises where your insurance benefit will be paid out, it can only be processed using the beneficiary information we have in your account.
This means that that designation may override instructions in a will.
It’s a good idea to review your beneficiary information on a regular basis, and especially after major life events.
Some examples of events that can prompt a review:
- Marriage
- Separation or divorce
- The birth of a child/adoption of a child
- Any changes you make to your estate planning
Anything else?
Setting your beneficiaries is an important part of keeping your benefits up to date. You can access this information at any time in your Member Centre.
Have any questions? Just reach out to our team via the Support Form in your Member Centre or send an email to hello@blendable.ca.