Am I required to fill out a Beneficiary Designation form?

I recently got hired and it says I need to complete my beneficiary designation form before coming into work the first day. I automatically qualify for $10,000 in compensation, but I'm wondering if it's really necessary to fill out. I'm only 21 and my beneficiaries would only be my parents. It's a short-term job and seems a little silly to have to be "required" to fill out something like this.