Protect your loved ones:
Keep your beneficiary records
Quick quiz, one question: If you died tomorrow, would your life insurance and retirement funds go to the right people?
Not sure? You’d better make sure. This is one you don’t want to get wrong.
Term life and AD&D beneficiaries
EBenefits, Purdue’s online benefits system, keeps the official record of beneficiaries for your Purdue term life insurance and accidental death and dismemberment (AD&D) insurance. You can check your beneficiaries in EBenefits anytime throughout the year and make any needed changes. But don’t put it off – get out there and take a look now if you have any doubt that your beneficiaries are up-to-date.
Here’s how to do it
Go to the Purdue Employee Portal and click the EBenefits link from the right column of the Human Resources section. Sign on to EBenefits using your Purdue career account username and password. Once in EBenefits, use the “Click Here to Update Your Beneficiary Designations” link under the “Take Action!” section of the EBenefits home page.
Click step 2, “Primary Beneficiary,” at the top of the screen. You’ll see a list of beneficiaries you’ve previously entered into the EBenefits system. Be sure the person you want as your primary beneficiary is properly entered and selected. If you’re naming more than one primary beneficiary, be sure the indicated percentage that each will receive is to your liking and that the percentages add up to 100.
Click step 3, “Contingent Beneficiary” and go through the same checks.
If your beneficiaries are correct, then be sure “Enrollment Home” is showing in the “Go To” box near the top of the screen. Click the small “Go” button to the right to get to the “Review Current Elections” page. Click the “Exit” button to go to the EBenefits home page, and then click the gold “Sign Out” button at the top of the screen to leave the EBenefits system.
If your beneficiaries need to be updated, select beneficiaries and enter percentages to match your wishes. If you want to name someone who is not on your list, click the large “Add a Beneficiary” button in the center of the page. Once you’ve added a beneficiary, the person’s name will appear on your list. Then you can select the person’s name and enter the percentage you want the person to receive.
When your beneficiary record is as you want it, click the light gray “Save and Return to Enrollment Home Page” button at the bottom of the screen to go to the “Review Current Elections” page. Click the “Exit” button to go to the EBenefits home page, and then click the gold “Sign Out” button at the top of the screen to leave the EBenefits system.
If you have questions, contact HR Customer Service at 49-42222, email@example.com or HR Help.
Retirement plan beneficiaries
EBenefits does not keep track of your retirement plan beneficiaries. Instead, each retirement plan keeps the beneficiary record for its own participants.
Go to the Benefits website for information on how to change your retirement beneficiaries online or by paper form. Information is provided for PERF, Fidelity, TIAA-CREF, Lincoln and VALIC.
If you have questions, contact your retirement plan administrator at the phone number provided on the Web page.
Health savings account beneficiaries
Go to PayFlex's HealthHub website and log in. Choose the “Financial Center” tab at the top of the page. Next select the orange “View My Account” button at the bottom of the orange Health Savings Account box in the main part of the page.
On the left side of the page, choose “My Profile” from the green My Health Savings Account box. Select “Beneficiaries,” which appears beneath the “Financial Center” tab. Enter the beneficiary information you want.
Review, and then relax
You’ve worked to be sure your loved ones have some financial protection when you’re gone. Now review your beneficiaries to be sure your plans will be carried out as you intended. Then relax, and maybe give yourself a little pat on the back for helping to secure your family’s future.