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The beneficiary designation often gets overlooked by participants in a group life insurance plan. Only one-third of UT employees and retired employees have current beneficiaries listed online for our UT Benefits group term life coverage. Keep in mind that there is basic life insurance (and AD&D for employees) included with enrollment in the UT SELECT Medical plan. So, almost all of our employees and retirees have at least that basic coverage and many have additional voluntary coverage.
That means, in the event of death, life insurance proceeds could get held up in probate for close to two-thirds of our employees and retirees – that’s around 80,000 people! No one wants their loved ones dealing with delays and extra hassle at a difficult time, especially when it’s so easy to take action now to ensure your benefits are distributed appropriately if the time comes when they are needed. The plan administrator for your UT Benefits life insurance and disability coverage, Dearborn National, offers Online Beneficiary Management to simplify the process. Online Beneficiary Management is a fast and easy way for you to make your beneficiary designations while also protecting your privacy.
Online Beneficiary Management:
- Allows you to quickly designate and update beneficiary information anytime of the day or night;
- Helps avoid legal disputes and provides a safeguard for confidential information;
- Is offered to you at no charge; and
- Is secure and designed to protect privacy.
Beneficiaries can be changed as often as circumstances shift and your changes take effect immediately. Don’t forget to update your beneficiary information when you experience important life events like marriage, divorce, or retirement. You’ll have an online record of your life insurance designations and you can even print out a record to store with other important papers.
You can access the Online Beneficiary Management tool by logging into My UT Benefits and then clicking on the “Online Beneficiary Designations” link on the "Personal Information" page.
You may also update your beneficiary by submitting a Beneficiary Designation change form to Dearborn National directly. You may contact your local institution’s HR or Benefits Office for assistance obtaining the Beneficiary Designation change form.
Also, please keep in mind that there is a separate beneficiary designation necessary for employees who participate in TRS. For those who participate in any of the voluntary UT Retirement savings plans or in ORP, you should contact your approved provider(s) to ensure your beneficiary information for those accounts is up to date as well. You can find contact information for all approved providers on the UT Retirement website at www.utretirement.utsystem.edu/providers.htm.
