Life insurance protects your family financially in the event of your death. Money is generally paid income tax free to your beneficiaries, who can use the money for any purpose.
In the event of death, USC Benefits will file a claim on your behalf once they are notified. In order to finalize a life insurance claim Benefits needs an original death certificate.
Insurance companies do not pay proceeds directly to minors (under age 18 in most states). We require a certified copy of court-issued letters of guardianship (or conservatorship) for the property (or estate) of the minor.
A note about naming a minor as your beneficiary
Minors may be named as beneficiaries, but this designation raises special issues which may delay a claim payment. Because insurance proceeds cannot be released directly to a minor, the insurance company will need proof of a court-appointed legal guardian for the minor’s estate/property who can receive the insurance proceeds on the minor’s behalf. Even a surviving parent who has custody or control of the minor’s well-being or living arrangements may not be authorized to collect assets on behalf of the minor. The court will ultimately decide who should be the guardian of the minor’s estate. In some instances, state law may allow an insurer to distribute small benefit amounts (typically $10,000 or less) to an adult representative of the minor through the Uniform Transfers to Minors Act (UTMA). There may be better alternatives to naming a minor as a beneficiary. Consult an attorney to determine what options best match your intentions. An attorney also can assist in preparing what is known as “Letters of Guardianship” for the minor’s estate should you need them to petition the court.
Securian is USC’s life insurance provider until December 31, 2020, after which life insurance will be provided through MetLife (see the open enrollment site for details).
Contact Securian customer service by email or call (800) 843-8358.
Securian Group Life and AD&D Insurance Plan Summary
Securian Group Insurance Information
Securian Legal, Financial and Grief Resources
Securian Travel Assistance Services
Securian Legacy Planning Resources
Securian Beneficiary Financial Counseling
Securian | www.lifebenefits.com
Redpoint | www.lifebenefits.com/travel
(855) 516-5433 (U.S. and Canada)
(415) 484-4677 (international)