Designation of beneficiaries
Why do I need to designate a beneficiary?
Survivor benefits are payable to your spouse or common-law partner upon your death. If you don’t have a spouse or common-law partner, the survivor benefits will be paid to your designated beneficiary. You can designate anyone to be your beneficiary including your children even if they are not of legal age, other individuals, or legally constituted organizations. If you do not designate a beneficiary, or if your beneficiary has died, survivor benefits will be paid to your estate.
You may wish to discuss your beneficiary options with a personal financial advisor to fully understand the tax and legal implications in the event that you do not designate a beneficiary. You are responsible for any costs associated with seeking such advice.
How do I designate a beneficiary?
To designate a beneficiary, go to mycanadalifeatwork.com.
How do I appoint a Trustee or Administrator for a minor beneficiary?
To appoint a Trustee or Administrator for a minor beneficiary, complete the Designation of revokable beneficiary/trustee appointment form and send it to Canada life at the address indicated at the top of the form.
What if I want to change my beneficiary?
To change a beneficiary, go to mycanadalifeatwork.com.
However, if you have previously designated a beneficiary as irrevocable, that designation cannot be changed.
Can I have more than one beneficiary?
Yes, you can name more than one beneficiary and you can specify the percentage of benefits you want them to receive.