Beneficiary nomination
Beneficiary nomination allows plan owners to tell us who we must pay, if there's a claim paid after they die, under individual Personal Menu Life Cover plans, Life or Critical Illness Cover plans and Whole of Life plans.
We want to give your clients peace of mind their payout will go to the correct person at their moment of truth. Beneficiary nomination is a simple alternative to a trust.
If your client's situation is straightforward and they know who they currently want to benefit, then use beneficiary nomination. We'll automatically pay any benefit after your client dies to their nominated beneficiary. And there's no need for probate or the completion of a trust form. For more complicated needs they should still consider a trust.
The plan owner can only nominate a beneficiary as part of their application - they can't add this later. But they can change their nominated beneficiary at any time. As the beneficiary nominated most recently is entitled to any payout on death it is essential that this is kept up to date, so we’ll remind them of this option annually.
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