In certain circumstances, usually after consultation with an attorney, some staff or retirees may wish instead to use Prudential's "" form (GRP-97935) or Prudential's "" (GRP-97934) to assign their Group Life Insurance.
If you assign ownership to an individual, and that individual predeceases you, the ownership of your life insurance is governed by the will of the deceased. It does not revert to you necessarily, unless you are named as the inheritor of the estate of the deceased.
Note:
The irrevocable "Absolute Gift Assignment" is your only option if you are setting up an irrevocable trust. Our contract with Prudential does not allow any other kind of assignment. For example, you cannot use your ÐÓ°ÉÂÛ̳ Group life insurance policy as collateral against a loan. Also cannot assign its value because it has no value to you, by definition, since the only time the Bank Group's Term Life Insurance policy can pay a claim is in the event of your death.
Step
Action
Action by Manager
01
Read the instructions attached to the forms. Fill in and sign two (2) copies of the forms:
or
Note:
Notarization is not required.
To help you fill out the form, refer to .
Action by Staff
02
Send the original forms by mail to HR Insurance Contracts Unit:
