Policyholders are encouraged to designate one or more beneficiaries to receive any death benefit payable from term life and accident insurance (if purchased) by submitting a signed Beneficiary Designation form to Portaplan by email, mail or fax. If your estate is the beneficiary, the death benefit cannot be paid until the will is probated.
If dependant life insurance has been purchased, the beneficiary is the policyholder.
If accident insurance has been purchased, benefits resulting from accidental injury are payable to the policyholder.
Assignment to a Financial Institution
Many policyholders purchase Portaplan insurance in place of the mortgage insurance available through their financial institution. To implement this option, term life insurance benefits are assigned to a financial institution.
You can assign your term life insurance proceeds to any financial institution in Canada. To do so, you must fill out and submit the Portaplan Assignment of Insurance as Collateral form.
Changing Your Beneficiary
Provided your beneficiary is not irrevocable, you can change your beneficiary designation at any time. You may elect any person(s) or organization(s) as your beneficiary. Please appoint a trustee for any minors.
Please keep in mind if a beneficiary is designated as irrevocable, you cannot alter or revoke the designation without the written consent of the beneficiary.
To change your beneficiary designation, you must fill out and submit the Portaplan Beneficiary Designation form. Be sure to keep a copy of your completed form for your records.