Do NOT listen to other people regarding this sort of thing. When you're dealing with something like this, talk to the people who would know, like an HR person or an accountant. If neither one seems satisfactory, keep trying for advice, but not from a co-worker or a brother-in-law or a casual friend.
One good place: An insurance agent, especially one with a CFP or a CLU designation. Try your insurance guy, and he can always check with home office, and you better believe they'll know what to do in your situation.
