Standard Insurance Company appreciates the opportunity to provide Hawaii Employer-Union Health Benefits Trust Fund (EUTF) eligible Participants with Basic Life Benefits. This document will answer some frequently asked questions about the basic features of your Life Benefits. This is not meant to replace your Certificate of Insurance. If you do not have a Certificate of Insurance, please print a copy using this link or contact your local Standard Insurance Company Account Representative to have a copy mailed to you.
To designate or change your beneficiary you will need to complete the Beneficiary Designation/Change form. Fill out the form completely, making sure you sign and date it, and return the original to your local Standard Insurance Company Account Representative at P.O. Box 3160, Honolulu, HI 96802.
If no beneficiary is designated, payment will be made by order of the contract as listed in the group policy. Payment is made to the first of the following classes in which an individual has survived the insured participant: Spouse, Children, Parents, Siblings, Estate. If there is more than one individual in a class, the benefit is paid in equal portions.
Life Insurance proceeds are not paid directly to minor beneficiaries. Proceeds are paid according to state law. It may be necessary to have a conservator appointed for the estate of the minor. Unfortunately, this can mean legal expenses for the conservator/guardian and a delay in the payment of insurance. In most cases, benefits payable to a minor cannot be used to pay funeral or medical costs.
A Power of Attorney must grant specific authority, by the terms of the document and applicable law, to allow the attorney in fact to make or change a beneficiary designation. The participant or power of attorney should consult a legal advisor with questions.
The Standard is required to file a 1099 Interest Income form when interest is paid on the proceeds of the Life Insurance policy. The Social Security number is required to complete the form.
Beneficiaries will be paid by check, or if proceeds exceed $25,000, the benefit will be deposited into an interest-bearing Standard Secure Access account. In this case, the beneficiary receives a draft /check book instead of a check, funds begin earning interest the day the claim is paid and the beneficiary may make withdrawals at any time in amounts of $250 or more. If they wish, they may write a check for the full amount of the benefit and close the SSA account. There are no additional fees for this service.
Because coverage is through a group policy with the EUTF, life claims will be submitted by the local Standard Insurance Company Account Representative for the EUTF. In the event of your death, your family should contact The Standard Account Representative to initiate a claim with The Standard.
This benefit allows you to receive an early payment of a portion of your group life insurance, once during your lifetime, if you have a Qualified Medical Condition and meet certain requirements.
Contact your local Standard Insurance Company Account Representative and request an Accelerated Benefit Packet. The packet consists of four separate forms. Please review the instruction page on how to complete this packet.