At least once a year, it is important to review your beneficiary to ensure it reflects your current situation. Careful planning and consideration should be taken to ensure proceeds reach the intended hands. If you have recently experienced a Life Event or a change in family situation, it may be a good time to review your beneficiary(ies).
What is a Beneficiary?
A beneficiary is:
- The person, people or entity named on the insurance policy who will receive any proceeds from life insurance benefit(s).
- For example, you may want to name your spouse or child as the beneficiary to receive proceeds in the event of your death.
Why should I designate a Beneficiary(ies)?
Life insurance proceeds are not taxable provided the named beneficiary is a person, and not the ‘Estate’. If you do not name a beneficiary, Life and Accidental Death and Dismemberment benefits will be paid to your estate, may be subject to estate taxes and may be vulnerable to claims from creditors. You should discuss the tax implications with your personal financial advisor.
How do I change my eligible dependents and/or Beneficiary(ies)?
Complete a new Beneficiary Signature form which can be accessed at:
An original of the form is required, however, in the meantime you can scan the filled-out form(s) to firstname.lastname@example.org and mail the original(s) to:
Red River College
C409 – 2055 Notre Dame Avenue
Winnipeg, MB R3H 0J9
For further information or assistance, please contact your Pay & Benefits Specialist https://www.rrc.ca/hr/contact/.
When can I change my Beneficiary(ies)?
Changes in life circumstances, including marriage, divorce, or the birth of a child, are often good times to assess beneficiary changes. However, you may change your beneficiary at any time.
What is a Primary and Contingent Beneficiary?
- A primary beneficiary is the person or entity that first receives the proceeds of your account upon your death.
- The contingent (secondary) beneficiary is your second choice to receive the benefit, only if the primary beneficiary dies before you.
Can I name a trust or a child as a beneficiary?
Yes. Children and trusts are eligible to be named as beneficiaries. When establishing a beneficiary, you will identify the beneficiary type and can select child or trust.
In most provinces, insurance proceeds cannot be paid directly to children under the age of 18. You can appoint a Trustee to receive the insurance proceeds “In Trust” for minor children to avoid delays if the court has to appoint a legal guardian or pay out to the Public Trustee.
The above is a summary of the provisions of the group plan. In the event of a discrepancy between this benefit and the master contract, the terms of the group contract will apply.
Supporting Your Wellness
Over a year into the pandemic, children and youth’s lives have been transformed in ways that we never thought possible. All of the worry and stress around social distancing, masking and hand-washing may be diminishing because it’s become part of a new routine. Still, other aspects have had a psychological and emotional impact.
Living with a stay-at-home order has meant that routines and social interactions have mainly been thrown out the window as parents try to cope and comply with frequent changes to procedures. School attendance may be “on” for children and high schoolers unless there is a lockdown or public health order not to attend.
Setting up remote learning at home has been particularly challenging in some cases. It’s unfamiliar, and many people in the same household may be competing for the same resources to complete their learning. Even though post-secondary studies have been almost exclusively online, similar challenges exist. In every case, and despite the best efforts put forth by educators, students of all ages are experiencing online learning fatigue.
There is also a tremendous sense of loss. Children and youth have missed being able to hang out and socialize with friends. Older youth and young adults may have experienced job losses or conversely moved into roles as frontline workers, assuming some measure of risk working in public capacities and being exposed to COVID-19 infection. There are still questions about missed events such as prom, graduation, and convocation ceremonies that seem likely not ever to occur for those who experienced the grinding halt early on.
Where can you look for help and support?
Recognizing early signs of mental health struggles in children and youth is an essential first step. Remember that these can be both emotional and physical, but it’s the prolonged presence and intensity that should trigger involvement from a doctor or mental health care professional.
Here are a few commons signs that may warrant further discussion:
- Withdrawal and difficulty relating to family and friends
- Difficulties in school (inability to focus, concentrate, or plan, maintain work volumes, low grades, problems with punctuality and performance)
- Excessive fatigue or not being able to sleep
- Lack of interest in eating, personal care and hygiene
- Complaints of stomach-aches, headaches or other physical discomforts
To help, parents can create a sense of security by having age-appropriate, honest and open discussions that either you initiate or your child or your youth begins, this includes:
- Offer reassurance and show respect by listening to understand. For example, if a conversation leans towards current events, first get a sense of their views and what they know.
- Don’t over-explain.
- Fill in the blanks as needed.
- Seek their opinion and critical thinking and try not to overshadow what they share with your own beliefs.
- Parents can also recommend positive and highly credible online resources such as Kid’s Help Phone, YMHC (Youth Mental health Canada). Children and youth can have discussions with anonymity and leverage online mental health supports.
Here are some other ideas for being supportive:
- Model healthy unconditional expressions of love and ensure that boundaries for behaviour expectations and household contributions have been established and are met to build discipline, life skills and confidence, with an eye toward eventual independence.
- Ensure healthy nutrition and regular eating habits with food that supports brain and body development. Avoid body shaming. Appreciate sensitivities to changes happening as they grow and develop.
- Discuss optimal sleep habits and the need to disconnect. Consider a requirement to leave devices outside of bedrooms and sleeping areas. You may also be able to place connectivity restrictions on WIFI for certain times of the day or even specific devices.
- Model regular physical activity and encourage play and participation.
- Seek professional help when you notice behaviour changes or shifts. Don’t shy away from arranging counselling and therapy. Maintain involvement but be respectful of older youth’s need for privacy.
- Use emotional intelligence to avoid conflict. Recognize when you need to de-escalate a situation and give them at least 20 minutes to reset and stress hormones to dissipate.
- Approach relationships with an open mind and seek information so that you are better informed. Let your child or youth guide discussion or explain things. Ask questions. You don’t need and won’t have all of the answers, and that’s okay.
To read the complete article Children and Youth Mental Health or find additional resources, visit the homeweb.ca site provided by your EFAP provider, Homewood Health.
You and your family can access confidential support 24/7 through the Homewood Health EFAP. Your EFAP can help with a variety of situations such as stress, anxiety, depression, life change and transitions and relationship concerns to name a few
Your full suite of EFAP services includes counselling, Life Smart Coaching and Online resources, including homeweb.ca.
The EFAP is a professional and confidential service to support you in all aspects of your life. Click here to review the Homewood Health EFAP resources available to you and to get contact information.