Who can I name as beneficiary?
Your beneficiary can be any individual or legal entity you wish to name to receive benefits in the event of your death except for your employer. Generally, your beneficiary is a person who is dependent on you for support or would suffer financial loss in the event of your death. You may want to obtain the assistance of an attorney to help consider any special circumstances before drafting your beneficiary designation.
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Who do I call if I have a question about the form?
Questions regarding your Beneficiary Designation Form can be directed to Fort Dearborn Life Insurance Company’s Customer Service department during regular business hours at 1-866-628-2606 (option 1).
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What is a contingent beneficiary?
A contingent beneficiary receives the proceeds of your life insurance if you and your beneficiary die at the same time or your beneficiary precedes you in death.
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When can I change my beneficiary?
A beneficiary designation can be changed at any time.
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When is the form due?
Forms are due to your System Component office by September 1, 2004.
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Where do I send the form?
Send your form to your System Component office. You can find their address at the U.T. System website www.utsystem.edu.
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Why do I need to fill out a new form?
Fort Dearborn Life Insurance Company is The System Employees’ new carrier for Group Term Life and Accidental Death and Dismemberment insurance and we need to be provided with updated beneficiary designations.
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Can I name a minor as beneficiary?
Minors can be named as beneficiaries; however, minors cannot receive payment of the proceeds. Additional expense and delays in payment are incurred by the minor’s guardian in procuring Court Appointed/Ordered Guardianship of the minor’s Estate. The proceeds payable to the minor cannot be used for funeral expenses, settling of your Estate, etc.
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Do I need to fill out the form if I have a will?
Yes. You must fill out a designation in order to ensure proceeds are paid in accordance with your wishes. You may designate “in accordance with my will”, however, Fort Dearborn Life Insurance Company cannot determine the validity and if the will is unclear, proceeds could be delayed or require distribution to be determined by the courts.
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How do I know who my beneficiary is?
You can obtain a copy of your beneficiary form from either your Campus Benefits office or by sending a written request to:
Fort Dearborn Life Insurance Company
Customer Service Dept.
P. O. Box 655403
Dallas, TX 75265-5403
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Can I leave my proceeds to my estate?
Yes. You may designate your estate as the beneficiary. However, payment will require Letters of Administration or Letters Testamentary reflecting the Administrator/Executor of the Estate.
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Can I leave my proceeds to my children in a trust?
You may designate a specific trust, however, Fort Dearborn Life Insurance Company cannot determine the validity of the designations. If the trust is unclear, proceeds could be delayed or require distribution to be determined by the courts. If you indicate benefit percentages, the total must equal 100%.
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Can I divide my proceeds between family members?
Yes, indicate on the Beneficiary Designation Form the percentage of the life insurance amount you wish each of your beneficiaries to receive and it will be divided accordingly.
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Do I have to have Social Security Numbers on all beneficiaries?
No, however, it is beneficial in ensuring accurate payment of proceeds. If the SSN is unavailable, please make sure you provide the correct date of birth and relationship of the beneficiary.
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Does my beneficiary have to be a family member?
No, your beneficiary can be any individual or legal entity you wish to name to receive benefits in the event of your death except for your employer. Generally, your beneficiary is a person who is dependent on you for support or would suffer financial loss in the event of your death. You may want to obtain the assistance of an attorney to help consider any special circumstances before drafting your beneficiary designation.
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What if I do not designate a beneficiary?
If you do not designate a specific beneficiary, or if your named beneficiary dies before you, your Basic Life, Voluntary Term Life and Voluntary AD&D Insurance death benefits will automatically be paid to the first beneficiary listed below who is living at the time of your death: (1) your spouse; (2) your child(ren); (3) your parents; or (4) your estate.
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Who is the beneficiary on my spouse/children’s policy?
You are the beneficiary of the dependent life insurance proceeds.
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