How to Nominate a Beneficiary | Insurance Policy Beneficiary Nomination

Insurance

This blog gives you a step-by-step guide on how you can nominate your beneficiary for your insurance policies. Read on to find out the important things to know before choosing a beneficiary and how to nominate a beneficiary. 

Things to think about before naming a beneficiary:

• Choose who will be your beneficiary or beneficiaries.
• Determine whether you want to make a revocable or trust nomination.
• Use the proper format (e.g. prescribed Trust Nomination Form or prescribed Revocable Nomination Form)
• Set the percentage of benefits you want each nominee to receive, making sure the total equals 100% of the policy proceeds.
• Check that the policy’s details are correct.
• Ensure that any witnesses and trustees meet the requirements outlined in the Nomination Form.

How to Nominate a Beneficiary

The policyholder must be at least 18 years old and the life insured under the policy in order to make a beneficiary nomination. Take the following steps.

• To make a trust nomination or revocable nomination over the policy, use a Trust Nomination Form or Revocable Nomination Form. Your insurance company or agent can provide you with the necessary forms.
• Complete the form completely and accurately in the presence of two adult witnesses who are at least 21 years old. They cannot be any of your nominees or the spouses of your nominees.
• You must specify the percentage share of the policy proceeds that each nominee is set to receive for both trust and revocable nomination. The sum of the percentages you specified for all of the nominees you named must equal 100% of the policy proceeds!
• Notify your insurance company of your nomination and send a copy of your Nomination Form to them.

How to Nominate a Beneficiary – Forms available from your insurance provider

• Form for Nominating a Trustee
• Revocation of Appointment of Trustee of Policy Money Form or Revocation of Trust Nomination Form Appointment
• Form of Revocable Nomination
• Form of Revocable Nomination Cancellation
• Revocation of a Revocable Nomination Form
• Each insurance company has its own set of forms, so make sure you get the correct ones. Alternatively, you can contact your insurance agent and have the forms mailed to you.

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