Make Your Intent Be Known
Updated: Apr 8, 2020
Everyone knows the importance of having insurance. We have heard so much from advisers or been educated by advertisements. We look for what we need, set aside a budget and apply for it. Most people will stop here.
But do you know that financial planning doesn’t just stop after you sign on the dotted line? Implementing an insurance is only half the work done.
Going back to basic, what is the main reason for getting an insurance?
A couple of them:
Leaving a financial legacy for your family or loved ones, for income replacement so that current lifestyle will not be jeopardised, to pay off outstanding debts or loans, to minimise business interruption if you are the key person in the business, and many more...
Implementing an insurance is only half the work done.
Well, if one of the above is your reason, then make that happen. Your purpose can only be fulfilled when you give specific instructions on how and to whom your proceeds should be distributed when an unfortunate event happen. Insurance planning doesn’t just stop after you sign on the dotted line and make sure it’s approved, complete the other half by making your insurance nomination.
A nomination can be make on any life and health policy that provides death benefits, either at the time of getting a policy or anytime after the policy has taken effect. You must be at least 18 years old to effect a nomination.
There are 2 types of nomination: Revocable, you are allowed to make alteration after a nomination has been set. Irrevocable, no changes can be made once the nomination has been set. In the nomination, you can set who you want the proceeds to go to i.e. beneficiaries, and set the percentage allocation for each beneficiary.
Complete your insurance planning by making
your insurance nomination.
The good news is, nomination is free. And you don’t need to trouble your financial adviser to do it for you. You just need to get the insurance nomination form (available on the web) from the respective insurance companies, fill it up and submit directly to the insurer to get it registered.
Such a simple yet, important process that can help reduce hassle and conflict on your family should unforeseen circumstances happen. Why wait? Make your intent be known.
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