I had taken up four life insurance policies in 1980s and 1995. I did not remember whether I had nominated someone to be the beneficiary of each policy when I passed away. These policies were taken up more than 20/30 years ago and I did not bother about them.
I was reminded about this recently when I took up a new life insurance policy. Circumstances may change and I may want to change the beneficiary. In some cases, the beneficiaries may have passed away. Even with a valid Will, the beneficiary of life insurance policy may not be the one we wanted in our final Will.
I wrote to two insurance companies to ask for the name of the beneficiary I had nominated for each policy. The results came back and these beneficiaries are the Estate or I did not make a nomination. This meant that my Will takes over as to how I want to distribute my financial assets on my death. That is good.
As part of retirement and end of life planning, this is one aspect not to be neglected.
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