Tax Advantage Accounts
Life Events FAQs
Defined Benefit Plans
Many of your Farm Credit benefits allow you to designate a beneficiary. By naming a beneficiary, you ensure your benefit is being passed on the way you want.
You can view and update your 401(k) beneficiary at any time:
Note, if you are married and designating a beneficiary other than your spouse, you will need get your spouse’s consent.
For information contact John Hancock at 1-800-294-3575.
Farm Credit Foundations offers the group insurance coverage options through Minnesota Life:
Minnesota Life provides a secure web site,
www.lifebenefits.com, for electing, storing, and updating your life insurance beneficiary designations. This secure online service protects the privacy of your information while ensuring your beneficiary information is available when it’s needed. Or you can call Minnesota Life at 1-800-843-8358 to update your beneficiary(ies) designations.
Your beneficiary can be a person, a charity, a trust, or your estate. You can split the benefit among multiple beneficiaries as long as the total percentage of the proceeds equal 100 percent.Primary beneficiary – The person(s) named will receive the benefit. If any named beneficiary is not living at the time of claim, the benefit will be split among any remaining primary beneficiaries before it is paid to a contingent beneficiary.Contingent beneficiary – If the primary beneficiaries are no longer living, the benefit is paid to this person or persons.Default beneficiary – If you do not name a beneficiary, policy benefits will be paid to the default beneficiary listed in the certificate of insurance.The following coverages do not require a beneficiary designation: