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WHAT’S IN IT FOR YOU
AS AN LGBTQ+ INDIVIDUAL

Why You Should Make An Insurance Nomination

1

Make a nomination for free

An insurance nomination can be made at no cost, just check in with your financial advisor.

Some policies allow you to nominate absolutely anyone, while others only allow you to nominate legally recognised family members.

Read on to find out more.

2

Some benefits under policies are not covered under a will

With a will, your estate will be distributed as per the legal document that you (or your lawyer) has drafted. What happens when there’s something that’s not included in your estate?

This is where an insurance nomination comes in, which helps to speed up the distribution of your policy proceeds and/or benefits.

Quick Tip

Unless you opt-out, every Singaporean and PR between 21 and 65 is covered under the Dependants' Protection Scheme (DPS), a term-life insurance by the CPF Board, administered by Great Eastern.

DPS covers insured members up to 65 years old. Members up to 60 years old will be covered for a maximum sum assured of $70,000. For members above age 60 and up to age 65, DPS covers them up to a maximum sum assured of $55,000.

You can complete a DPS insurance nomination here to ensure your loved ones receive your DPS payouts if necessary.

Types of Insurance Nominations

Broadly speaking, there are 2 major types of insurance nominations:

1

Trust Nomination

A Trust Nomination (also known as a irrevocable nomination) is a permanent decision, so only go ahead with this if you’re very sure on who exactly you want to nominate. Nominating a beneficiary also means that you essentially transfer your role as policy owner over to them.

However, only your legally recognised spouse and/or children can be nominated as your beneficiary, which could make things a little bit more complicated for LGBTQ+ individuals like yourself.

Do note that a will does not take priority over a trust nomination, as you will need your nominee’s approval to revoke your nomination.

2

Revocable Nomination

A Revocable Nomination allows you to distribute death benefits of your policy to anyone you nominate — it can be your partner, your family, friends, or even an organisation.

In this case, your living benefits still belong to you as you still own the rights to your policy. Only the death benefits will be distributed amongst your be beneficiaries.

A will can take priority over your revocable nomination as long as you fill up a form stating that you have made a valid will which allows you to revoke your nomination.

How to Make an Insurance Nomination

Now that you know more about what exactly an insurance nomination involves, it’s time for you to make one.

As insurance nomination is closely linked to the existing policies that you have, speak to your financial advisor to find out more.

Alternatively, drop us a message with the form below for more help!