One outdated form can create unnecessary stress, delays, and even send benefits to the wrong person. Taking a few minutes each year to review your information can make a major difference for your family later.
Take time to review and confirm your beneficiary information with your fire department and any insurance or retirement accounts.
Here are a few things to check:
- Confirm both your primary and contingent (backup) beneficiaries
- Make sure names are spelled correctly
- Double-check that percentages add up to 100%
- Always include a contingent beneficiary in case your primary beneficiary is unable to receive benefits
You should also review your forms anytime there’s a major life change, including:
- Marriage or divorce
- Birth or adoption of a child
- Death of a listed beneficiary
- Changes in family or personal relationships
- A recent move or address change
There are also a few common mistakes to avoid. Many people assume their will determines who receives benefits, but beneficiary forms override a will in most cases. If your forms are outdated, benefits may not go where you intended.
You should also be cautious about naming minors directly as beneficiaries, since doing so may require a court-appointed guardian to manage the funds. If your family or financial situation is more complicated, it may be worth considering a trust to help manage those benefits properly.
Keeping your beneficiary information current helps eliminate confusion, protects your loved ones financially, and ensures your wishes are carried out exactly as intended. It may not be the most exciting item on your to-do list, but it’s one of the most important.
Update your South Carolina Firefighters Insurance Services beneficiary form
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