What happens when the nominee of an insurance nomination dies?
For further details on insurance nominations, refer to Your Guide to the Nomination of Insurance Nominees 2015 and Singapore's Insurance Act. It's advisable to check with the respective insurer for specific situations.
For Revocable Nomination
If a nominee dies before the policy owner, their share of the death benefits is redistributed proportionately among the other surviving nominees. If there is no surviving nominee, the revocable nomination is deemed to be revoked.
For Trust Nomination
With a Trust Nomination, it creates a trust over the policy moneys for the benefit of the nominees and the policy no longer form part of the policy owner's estate. If a nominee dies, their share of the policy moneys still form part of the deceased nominee’s estate.
Wills generated in getArrange.com do not override insurance nominations, regardless of whether the nomination is made earlier of later. If you have an existing nomination but prefer your policy distributions to follow the Will created here, you will need to REVOKE any prior nominations.