What is a beneficiary, and who can be one?
A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit. You can name:
One person
Multiple people, up to ten.
The trustee of a trust youβve set up
A charity
Your estate
If you donβt name a beneficiary, the death benefit will be paid to your estate.
How do I name my beneficiary or beneficiaries?
You can set your beneficiaries through the YuLife app, and here's how.
Head to the Yu screen and tap on the Group Life Insurance icon. If this icon isn't showing due to having multiple policies, please tap on 'see all protection', you will be able to view your policies here and tap into Group Life Insurance.
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βScroll down and tap 'Add a beneficiary'.
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βFill in their name, contact number and let us know your relationship to them.
βIf you'd like to add more than one beneficiary you can, once you've added the first one you'll get an option to add another.
βIf you have multiple beneficiaries you can adjust the payout percentage. Just tap on the percentage and type what percent you'd like to allocate for that beneficiary.
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You can edit the percentages each beneficiary receives, this can be edited and updated at any time.
If you don't see this option in the YuLife app, please contact your HR to receive a beneficiaries form, you can fill this in and send it back to your HR manager for them to store.
βIf you have any questions or run into any issues, please reach out to us via your YuLife app :)