Beneficiary Maintenance

Transcription

1 Beneficiary Maintenance In order to add, remove, or edit existing beneficiaries on a policy, a policy owner can choose to update the information themselves on the customer portal or call Customer Service at Monday through Friday 8:00 AM to 5:00 PM Central Time. LogIn 1. To begin the maintenance of beneficiaries via the Customer Portal, the policy owner must first log in with their user name and password. 2. Select LOG IN after entering your user name and password. Coverage Details 1. On the Coverage Details window, select your policy as seen below. 2. Next, click the GO icon. 1

2 3. After your policy details display, select the BENEFICIARIES menu option. Beneficiaries On the Beneficiaries window, verify the following three items: Policy Number selected Primary Beneficiaries section Contingent Beneficiaries section The steps for adding, removing or updating a primary or contingent beneficiary are the same. However, the user MUST make sure they are in the correct section of either Primary or Contingent Beneficiary. For the purposes of this document, I will be conducting all of the beneficiary maintenance steps against the Primary Beneficiary section. NOTE: Keep in mind that the steps are the same if you are updating a contingent beneficiary. 2

3 Add Beneficiary 1. To add a new beneficiary, click the +ADD BENEFICIARY option as seen below. Quick Definitions Revocable the policy owner can change his mind and update this beneficiary as they see fit. Irrevocable the policy owner cannot change his mind and update or remove this beneficiary after the change is made on the policy. Individual the beneficiary is a person and not an organization, trust or charity. Entity an entity can be an organization, trust or charity. 2. Enter the beneficiary details on the window as seen below. 3. Click SAVE. NOTE: If you are adding a new beneficiary to an existing policy then you must update at least one of the beneficiaries on the policy because the total for all Primary Beneficiaries must equal 100%. 3

4 As you can see below, the total Split Percentage is 150%. The Customer Portal will validate this field and verify it equals 100% or an error will display. To correct this issue, you must select the beneficiary that was already on the policy and update the percentage assigned to them. If you have more than one beneficiary that needs to be updated to make the percentage equal to 100% then edit each beneficiary according to the steps under Edit Beneficiary. Edit Beneficiary 1. Next to the primary beneficiary that you want to update, click the EDIT icon. 2. The beneficiary's details will display. Change the Split Percentage from 100 to 50 as seen below. 3. Click SAVE. NOTE: The Split Percentage now equals 100%. 4

5 Delete Beneficiary 1. To delete or remove a beneficiary, go to the BENEFICIARIES window. 2. Next to the primary/contingent beneficiary that you want to remove, click the DELETE icon. 3. The following message will display. 4. Click PROCEED. NOTE: If you are replacing one beneficiary with another, you can add the new beneficiary first OR you can remove the existing beneficiary first. It does not matter which order these two steps are done. You have successfully deleted a beneficiary. If you have not added your new beneficiary yet, please follow the steps under Add Beneficiary. Continue to follow the rules as seen above and verify the total percentage equals 100%. 5. Click SUBMIT CHANGES. 5

6 Viatical Statement Upon completion of the beneficiary changes, the system will display the viatical statement as seen below. 1. Read the Viatical statement in full. If you do not understand this document, call our Customer Service center at Monday through Friday 8:00AM to 5:00 PM Central Time. 2. Select Yes or No, depending upon your circumstances. 3. Next, select the check box next to "By Signing Below " 4. Type in your full name as it displays on the Viatical Statement window. 5. Click SUBMIT. The following message will display: 6. Click OK. 7. Log out of the customer portal when you have completed your beneficiary maintenance steps. NOTE: Your changes will not display on the beneficiary window until a customer service representative has reviewed and applied your policy changes. This will take 2-3 days before the changes display on the Customer Portal. 6