Guide to Designating Life Insurance Beneficiaries

This guide outlines the process for designating beneficiaries for life insurance policies. It begins by instructing users to log in to MyBenefits at mybenefits.sc.gov, select 'Make a Change,' and then choose 'Beneficiary' as the reason for the change. Users are directed to enter the beneficiary's information and can add multiple beneficiaries if desired. The guide emphasizes the importance of reviewing and submitting the beneficiary information. It also details the consequences of not designating a beneficiary, explaining that death benefits will be paid to the estate or eligible family members in a specified order. Additional considerations include the effective date of beneficiary changes, the option to designate trusts or organizations, and the implications of naming minors as beneficiaries. The guide advises consulting with an adviser for specific questions and clarifies that the materials do not constitute personal advice.