Updating beneficiaries

A beneficiary is a person you designate to receive your financial benefits when you die. This can be your spouse or domestic partner, child, grandchild or someone else important to you. Your beneficiary will be able to access the money they’re entitled to upon your death.

You can name more than one beneficiary and select different beneficiaries for different benefits. You can also name a secondary beneficiary who will be next in line to receive your benefit if your primary beneficiary can’t be located, can’t legally accept them, dies before you do, or declines the benefit.

Check the plan rules before naming a child as your beneficiary. Some plans don’t pay benefits until the child turns 18.

Keeping your beneficiaries current is the first step toward ensuring your loved ones are financially secure in the event of your death.

• Your beneficiaries may receive money from your Verizon benefits when you die. If you don’t name a beneficiary, each plan has its own rules that determine where the money will go. In the event your insurance policy is activated, the insurance plan administrator will pay proceeds based on your beneficiary information on record.
• Over time, the people you want to receive benefits may change, especially after you experience a life event like marriage, divorce, the birth of a child or a death in your family.
• If you haven’t named a beneficiary, the money from the plan could go to your estate, which means your loved ones could be in for a prolonged legal process before the money is paid out.