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Many of your Farm Credit benefits allow you to designate beneficiaries. To ensure benefits go where you want them to, take the opportunity to review and update your beneficiary information after major life changes, or at least every year. You may not remember who you have designated or have changed your mind since first naming your beneficiaries.
Follow the steps listed below to add or update beneficiaries within the vendor websites. |
| Life Insurance and Accidental Death & Dismemberment |
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Farm Credit Foundations offers the group insurance coverage options through Securian Financial:
- Basic Term Life and AD&D Insurance
- Optional Basic Term Life and AD&D Insurance
- Optional Dependent Term Life Insurance for your children
- Voluntary AD&D coverage for yourself or your family
- Employee Group Universal Life Coverage with optional Cash Accumulation Fund
- Spouse Group Universal Life Coverage with optional Cash Accumulation Fund
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Securian Financial provides a secure web site, lifebenefits.com, for electing, storing, and updating your life insurance beneficiary designations. This secure online service protects the privacy of your information while ensuring your beneficiary information is available when it’s needed. You can also call Securian Financial at 1-800-843-8358 to update your beneficiary(ies) designations.
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Choosing a Beneficiary
Your beneficiary can be a person, a charity, a trust, or your estate. You can split the benefit among multiple beneficiaries as long as the total percentage of the proceeds equal 100 percent.
Primary beneficiary – The person(s) named will receive the benefit. If any named beneficiary is not living at the time of claim, the benefit will be split among any remaining primary beneficiaries before it is paid to a contingent beneficiary.
Contingent beneficiary – If the primary beneficiaries are no longer living, the benefit is paid to this person or persons.
Default beneficiary – If you do not name a beneficiary, policy benefits will be paid to the default beneficiary listed in the certificate of insurance. |
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401(k) Plan
You can view and update your 401(k) beneficiary at any time:
- Log into myplan.johnhancock.com.
- Click ‘Menu’ and select ‘My Profile, Beneficiaries & Settings’ link.
- Select the ‘Beneficiaries’ tab and you’ll be guided through the process.
For information contact John Hancock at 1-800-294-3575.
** Note, if you are married and designating a beneficiary other than your spouse, you will need get your spouse’s consent. |
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You can view and update your Health Savings Account (HSA) beneficiary(ies) at any time:
- Log into http://www.payflex.com
- Scroll down to the bottom – under Account Actions click on Manage my Beneficiaries
For information contact PayFlex at 1-800-284-4885.
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| The following coverages do not require a beneficiary designation: |
- Business Travel Accident
Your employer provides you with Business Travel Accident (BTA) insurance. If you would like to designate a beneficiary other than the default complete the BTA Beneficiary Designation Form and return it to your local HR Representative or Benefit Coordinator.
- Cash Balance Legacy Pension Plan
If you were employed with the AgriBank District before January 1, 2007, you may be enrolled in a Cash Balance Retirement Plan. To confirm if you have a Cash Balance Retirement plan and to designate a beneficiary contact John Hancock at 1-800-294-3575 or online by logging onto John Hancock’s website at myplan.johnhancock.com.
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