Beneficiary Designation

 

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.

Defined Contribution/ 401(k)

You can view and update your 401(k) beneficiary at any time:

  1. Log into mylife.jhrps.com.
  2. Click ‘Menu’ and select ‘My Profile, Beneficiaries & Settings’ link.
  3. Select the ‘Beneficiaries’ tab and you’ll be guided through the process!

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.
 

Life Insurance and Accidental Death & Dismemberment

Farm Credit Foundations offers the group insurance coverage options through Minnesota Life:

  • Basic Term Life and AD&D Insurance
  • Optional Basic Term Life and AD&D Insurance
  • Optional Dependent Term Life Insurance for your children
  • Voluntary AD&D coverage for yourself or your family
  • Employee Group Universal Life Coverage with optional Cash Accumulation Fund
  • Spouse Group Universal Life Coverage with optional Cash Accumulation Fund

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.


Choosing a Beneficiary

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:

  • Business Travel Accident
    Your employer provides you with Business Travel Accident (BTA) insurance. If you would like to designate a beneficiary other than the default complete the BTA Beneficiary Designation Form and return it to your local HR Representative or Benefit Coordinator.

  • Cash Balance
    If you were employed with the AgriBank District before Jan. 1, 2007, you may be enrolled in a Cash Balance Retirement Plan. To confirm if you have a Cash Balance Retirement plan and to designate a beneficiary contact John Hancock at 1-800-294-3575 or online by logging onto John Hancock's website at mylife.jhrps.com.