What is a common disaster designation?
A common disaster designation is available in the event the insured and beneficiary(ies) die in the same accident. The employee can state on the designation of beneficiary form a number of days (maximum 30) that the beneficiary(ies) must survive the employee before the life insurance proceeds will be payable to the beneficiary(ies). If the beneficiary(ies) does not survive the employee for the specified number of days, the life insurance proceeds are paid to the employee’s beneficiary(ies) who survive the employee for the specified number of days or are paid otherwise as required by the insurance policy.
