Should I key my insurance policies into the platform if I have aleady made a nomination?
Specifically on our platform, we have a clause stating that all interest, benefits and net proceeds of all insurance policies shall be distributed to the person(s) nominated in the said policies REGARDLESS whether the nominations were made earlier or later.
Regardless, you should still key in your insurance policies into the platform as:
- 1
- To make it known to your Executor of the existence of the insurance policy and that it is being nominated.
- 2
- To also cater for it IF subsequently there is no longer a nomination and the client wishes to specify who it goes to instead.
- 3
- For a more complete Estate Planning which caters to the sufficiency issues of the Estate.
To things clearer for all parties, simply key in the insurance policy as per any other assets, distribute it accordingly, toggle on "Additional Instructions" and add in the phrase:
To distribute as per my insurance nomination. If my insurance nomination no longer exists (e.g. revoked or all nominees die before me), this asset shall be distributed to the beneficiaries as indicated in the Will.
Regardless,
- If the policy is NOT LISTED in the platform, the payout from the insurance will follow the insurance nomination, failing which be distributed based on the percentage under “Allocate Residual Assets”.
- If the policy is LISTED and “No specific allocation” is chosen, the payout from the insurance will follow the insurance nomination, failing which the payout from the insurance will also be distributed based on the percentage under “Allocate Residual Assets”.
- If the policy is LISTED and "I give this asset to" is chosen, the payout from the insurance will follow the insurance nomination, failing which the payout from the insurance will also be distributed based on the distribution allocated in the asset.
