Do you need to update your beneficiary designation?
It is important to note that there are separate beneficiary designations for all of your McMaster benefits including Life Insurance, Pension Plan, Group RRSP, Accidental Death and Dismemberment. You must complete a separate beneficiary designation for each plan in which you are enrolled.
Your beneficiary designations ensure that your benefits will go to the person you choose in the event of your death. It is important to update your beneficiary designations whenever your circumstances change.
Before you submit your beneficiary designation, check with your financial advisor, custodian, or attorney to determine whether it will produce the results that you desire. Keep a copy of all beneficiary designations and review them periodically. Members should review their beneficiary designations and consider updating them to reflect current personal circumstances.
