Monthly Archives: June 2012

Beneficiaries, be careful who benefits.

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When choosing a beneficiary for your Group Benefit plan, thought must be given to ensuring  you have chosen who you really want to receive the proceeds of your group life policy in the event of your death.

Susan, young and single, appoints her mother and father as her beneficiaries.   Susan marries a few years later and has a child.   She forgets to update her beneficiary with her Human Resource department.  Susan passed away at a young age and the proceeds are paid to her parents.