Q. Who will receive benefits when I die?
A. Your beneficiary or beneficiaries receive your plan benefits.
This Program has a default list of beneficiaries. If you have not named a beneficiary and you die while you are a plan participant, your benefits are paid according to the Program's default designation which pays to the first of the following who survive you:
- Your spouse.
- Your children and the children of a child who died before you.
- Your parents.
- Your brothers, sisters and the children of a brother or sister who died before you.
- The executors or administrators of your estate.
For purposes of the Program's default beneficiary designation (Former Standard Beneficiary Designation), your child, parent, brother or sister includes only someone who is your legitimate blood relative or whose relationship with you is established by virtue of legal adoption. For details, see Default beneficiary in the Key terms section.
Naming a beneficiary
If the default beneficiary list does not meet your needs, you may name a beneficiary to receive your plan benefits.
You may change your beneficiary at any time. To name a different beneficiary, use EDA available on the ExxonMobil Me HR Intranet site. Enrollment forms are also available from Benefits Administration for those individuals who do not have access to EDA. You can contact Benefits Administration office to the following number: 1-800-262-2363.
You may name multiple beneficiaries. If you name more than one beneficiary, be sure to designate what portion of the entire benefit should be paid to each. You also need to indicate the beneficiaries' relationship to you.
Benefits will only be paid to children who are born before your death.
Assigning life insurance (Basic Life Insurance and Group Universal Life Insurance)
You can make a gift of your life insurance to one or more people or to an organization. If you do, the person or organization who receives the gift — the assignee — becomes the owner of your insurance. As owner, the person or organization has the right to change the beneficiary designation and to continue all or part of the insurance if your insurance ends or is reduced.
For Group Universal Life Insurance, the assignee may be billed for the cost of the insurance.
The assignment of your insurance is irrevocable, unless the assignee reassigns it to you. You cannot regain control of the insurance without your assignee's agreement. This raises many important personal and legal issues and it has tax implications.
If you are considering assigning your insurance, you should first consult with your attorney or other tax advisor.
To learn more information about assigning your insurance or to request the forms you need to complete an assignment, contact Benefits Administration. You cannot assign any uninsured death benefit.