It is very important that you designate one or more beneficiaries for your SMU Basic Group Life Insurance and, if enrolled, your Supplemental Life and AD&D Insurance.  It is equally important to designate beneficiaries for your SMU 403(b) Retirement Plan. Be sure to check and update your beneficiary designations from time to time to make sure they reflect your current intentions as to who is to receive the benefit at your death. A variety of life changes may impact who you should designate as your beneficiary, including a new marriage, divorce, birth of a child and death of a named beneficiary.
Making sure your beneficiary designation is current is important because it supersedes your will or a trust plan. Â Current beneficiary designations for your 403(b) and life insurance assets will also avoid probate, which is the court process of administering your will. Â Probate can be costly and time consuming, whereas named beneficiaries will receive the money from the accounts much sooner. If you have not yet designated your beneficiaries or wish to update your beneficiary designations, follow the instructions below.
Basic Life, Supplemental Life and AD&D Insurance
Log into The Standard’s Online Beneficiary Designation System.  You will need the Company Key: standardbendes. The Online Beneficiary Designation Guide will walk you through the process and you will find helpful information in the Beneficiary Designation FAQ.
403(b) Retirement Plan
Sign into your Transamerica account. Click the DETAILS button on the right side of the page, then click the Beneficiaries tab on the left side of the page.
