When it comes to your benefits, naming beneficiaries might seem like a one-time task during enrollment. In reality, keeping them up to date is just as important as your initial election. Here’s why it matters.

A beneficiary is the person or entity who will receive the benefits from your IU-sponsored plans — including your life insurance, accidental death & dismemberment insurance, retirement accounts, and health savings account— if you pass away. You can name an individual, like a spouse or a friend, or an entity, such as a trust, estate or charitable organization.

Avoid common missteps

A frequent 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.

Beneficiary designations also override any instructions you leave in your will, so if the information is outdated, your assets could end up in the wrong hands.

The good news? Reviewing and updating your beneficiaries takes just a few minutes and can be done completely online.

Reviewing beneficiaries should be routine

You can update your beneficiaries as often as you like, but a good rule of thumb is to review them at least once per year and when you experience a major life change, such as marriage, divorce or the death of a loved one. Keep in mind that beneficiary designations don’t carry over between accounts or vendors, so you’ll need to update each plan and account individually.

Here’s where to go to review and update your beneficiaries online:

• Life and AD&D insurance: Submit an Optional Benefit Change in the Employee Center.
• Health savings account: Log in to your WEX account.
• Retirement accounts: Log in to your Fidelity NetBenefits account. If you’re enrolled in PERF or have funds in a legacy retirement account, such as at TIAA, remember to review the beneficiaries for those accounts as well.

Taking a few minutes to review your plans now can give you peace of mind and spare your family from unnecessary stress down the road.

Have questions or need help? Reach out to IU Human Resources at askhr@iu.edu, or to the benefit provider directly, for assistance.