Know who you have nominated as beneficiaries for life insurance policies

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.

Copyright © 2019, limkimtong for Living Investment

The material presented is intended to be general and written in layman’s language as much as it is possible. The author shall not be liable for any direct or consequential loss arising from any use of material written. Please seek professional advice from your financial advisor or financial institutions on material written covering financial matters.

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