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FAQs on Making Nominations
    When can I make a nomination?
      You can make a nomination at the time of application of a life insurance policy or any other time, when necessary

    What information must I provide to my insurance company when I make a nomination?
      When you make a nomination, you are required to at least provide your insurance company with the name, date of birth, identity card or birth certificate number and address of your nominee. You would do this by filling up a nomination form provided by your insurance company.

    I want my aunt to receive policy moneys from my insurance policy. How can I ensure that the money will go to her beneficially?
      You can assign the policy to her. However, when a policy is assigned, you may lose control over the policy, and may be required to get your aunt's permission to make any changes to the policy. You may wish to consult your insurance company for further information on the assignment of an insurance policy.
    Should I let my nominees know they have been nominated?
      Yes, it is important to let your nominees know that they have been nominated. You should also inform them where you put your policy documents and keep the nominees updated of any changes in the policy. Make sure your insurance company is also updated with the relevant details of your nominees.
    Should I nominate more than one nominee?
      Yes, nominating more than one nominee is prudent and will safeguard against the situation whereby the policy is without a nominee, in the event of the demise of the policy owner and also the sole nominee.

    Who should I name as the trustee? Can I nominate myself, the policy owner, as the trustee?
      Yes, you can nominate yourself or any one that you trust as a trustee. However, it is more appropriate to name someone else other than yourself. This will ensure that, in the event of your demise or if you are rendered incapable, there is someone else to manage matters involving your policy. Should you still wish to nominate yourself, it is advisable that you also name an additional trustee.

    I am married and have named my wife as the sole nominee to my life insurance policy. I now want to revoke the nomination and name my parent as a nominee. Can I?
      When you named your wife as the nominee, a trust has been created. If you wish to revoke this nomination, you would need the written consent of the trustee. Once written consent is obtained, you can nominate your parent but a trust is no longer created in respect of your parent's share. As such, your parent will only receive the policy moneys as an executor and not beneficially. If you wish to ensure that your parent receive the policy moneys beneficially, you can assign the policy to your parent, with the consent of the trustee. You may wish to consult your insurance company for further information on the assignment of an insurance policy.
    I am a Muslim policy owner. Should I still make a nomination?
      Yes, a Muslim policy owner may still make a nomination to ensure that the policy moneys can be distributed faster. The nominee of a Muslim policy owner receives the policy moneys only as an executor and distribution must be in accordance with Islamic laws.

      In the event that there is no nomination, the policy moneys will go to the Public Trustee and therefore may take sometime to distribute.
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Making nominations
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