When a plan enrolls with a new carrier, employees are required to complete a beneficiary designation on their insurance enrolment form. In doing so, they ensure their requests will be met in the event of a life insurance claim.
For this reason, it is important employees are aware of a few important requirements when completing any beneficiary designation.
- The beneficiary designation must bear an original signature in permanent ink and must be dated.
- The insured employee must initial any beneficiary designations that include a change or correction. Whiteout changes are not accepted.
- The beneficiary must be a person who is of legal age (18 or over), or, if the beneficiary is a minor, the employee must appoint a trustee to act on the minor’s behalf until the beneficiary reaches legal age.
- It is important to remind employees on an annual or bi-annual basis to update their beneficiary designation to ensure information on record is current.
Group Out of Country – Important Restrictions
It is important to note a few significant limitations regarding most out-of-country insurance group policies. They may differ by provider, but for the most part contain the following restrictions you should be aware of:
The number of days that you will be covered is typically limited per trip. For trips over 30 days, be sure to check with your provider.
Most carriers today will include a pre-existing conditions or stability clause to ensure only healthy people who are not expected to have a health emergency are provided the coverage. Should you have a health condition, contact your carrier to confirm your eligibility for out-of-country coverage.
Keep your travel information handy and be sure to let those travelling with you know where your documents are located. A great place is storing it with your passport.
Should an emergency arise, be sure someone calls your out-of-country provider within 48 hours to reap the full benefits of what is offered and to ensure the service provider will intervene. This information is in your booklet and on your wallet card. Failure to do so can result in payment delays to your healthcare providers.
This post was written by Rosemary Marsh