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.
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.
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.
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.
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!