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Verify and update your beneficiaries

By enrolling in IU insurance, savings or retirement plans, you’ve already taken an important step to provide future security for your loved ones. But one step that is often neglected is keeping beneficiaries up to date. Here’s why it’s more important than you may think.

Many people don’t realize that beneficiary designations override any instructions you leave in your will. If your beneficiaries are outdated, your assets could end up in the wrong hands, leaving your unnamed beneficiary with little legal recourse, if any.

Another common oversight is naming minor children as beneficiaries. There are strict laws regarding the payment of benefits to minors, so you should consult a legal advisor to determine the best way to accomplish this under state law.

Update your beneficiaries online

Remember that you must name beneficiaries for each plan. This means you must choose beneficiaries for each benefit and each retirement account separately.

You can update your beneficiaries for these plans through IU by submitting an Optional Benefit Change through the Employee Center (select the Benefit Details tile to begin):

  • Basic Life Insurance.
  • Supplemental Life Insurance.
  • Supplemental AD&D.

Beneficiary designations for the following plans must be made through the vendor by logging in to your online account:

  • Health Savings Account: Nyhart.
  • Retirement Plans: Fidelity or INPRS (PERF participants only).

For step-by-step instructions, visit the IU Benefits website.

Tips for caregivers

If you’re a caregiver for a parent or loved one, it might be up to you to ensure their affairs, including their beneficiaries, are in order. Having these conversations can be awkward, but taking the proper steps before they need your help or become seriously ill, and knowing what to do once they are, can ease the transition.

Learn tips for having these tough conversations from Care.com by visiting their resource center or by registering for their May 10 webinar, Senior Care & Tough Conversations.

For questions about your IU benefits or how to update your beneficiaries, contact IU Human Resources at askhr@iu.edu or 812-856-1234.