Change Beneficiaries

A simple step to protect your loved ones

By enrolling in IU insurance, savings, and retirement plans, you’ve already taken an important step to provide future financial security for your loved ones. But many employees overlook a critical step: naming beneficiaries and keeping them up to date.

A beneficiary is the person, trust or organization that will receive the proceeds from your IU benefit plans if you pass away.

By reviewing and updating your beneficiary designations at least once per year, and as your circumstances change, you can feel confident that your assets will be distributed how you intended.

Avoid these costly mistakes

Naming minor children as beneficiaries. Minors cannot legally receive payouts directly from employer benefit plans, so funds may be frozen until a court appoints a guardian. Instead of naming them directly, consider setting up a trust or other legal arrangement. The rules vary by state, so you’re encouraged to speak to a legal advisor who can help you choose the best option for your situation.

Assume that naming a beneficiary for one plan covers all your plans. You must name beneficiaries for each plan and each retirement account separately.

Relying on your will alone. Beneficiary designations override any instructions in your will. So, even if your will is current, outdated beneficiary designations can result in your benefits ending up in the wrong hands, leaving your intended beneficiary without legal recourse.

Update with vendor

Health savings account (HSA)

  • WEX: Log in to WEX web portal and select Accounts from the main navigation, then Profile Summary. From there, you can scroll down to review and update your current beneficiaries or add a new beneficiary. For assistance, contact WEX at iusupport@wexinc.com or +1-800-284-8412, option 1.

Retirement plans