Good News!
Beneficiary designations for your Flexible Group Insurance Program can be done electronically on the site. What does this mean? This means that any designation you make no longer requires a signed paper form to be submitted to complete your requested changes. Signing into the system with your unique credentials is your new electronic signature.
The ability to go electronic is supported by both CAE and Sun Life as all requirements have been met to change the process to electronic. Things to consider when designating a beneficiary:
- Underage beneficiary and assigning a Trustee
- Irrevocable beneficiaries (Quebec) – You cannot modify or delete the information regarding a beneficiary designated as irrevocable unless you first obtain the beneficiary’s written authorization using the irrevocable beneficiary waiver consent form. If the beneficiary designated as irrevocable is a minor, you must wait until he or she reaches the age of majority to obtain consent before modifying any information regarding him or her. If you have any questions or your situation has changed (for example, due to divorce), please contact the CAE Call Center at 1-888-878-9636.
Once you make your beneficiaries designations, they become effective immediately as no paper forms are required to be submitted. If you need advice or assistance with choosing your beneficiary(ies), please talk with a qualified, independent legal and/or financial advisor.
What if I don’t designate a beneficiary?
Your Life insurance benefits will not have a designated beneficiary therefore, any benefit will be directed to your estate and will be taxed.