Life insurance policy is like making an investment to take care of your financial goals(family’s goals ). So to achieve this goal you would need to make use of the nomination facility provided in life insurance; This is to ensure that the benefits gets to the intended parties when one is gone.
So to start with, you would need to provide your nominee details to the insurers with the application form itself. But you need to know that it is only an insured person that can assign nominees, the Nominees are only liable to the benefits after the demise of the insured. Your Nominees can be your family, blood relation etc
What Happens if the Nominee Dies Before the Policyholder?
If the nominee dies before the insured nothing can be done than the insured to change the details of the nomination. The role of a nominee is just conditional so the insured will get in touch with the insurer to give new nomination. The insured will need to complete a new form with updated details. This submission will nullify all previous nominations. So one have to, make sure to adjust only the parts needed to and also fill in the details which have not changed.
What's your thoughts?
So to start with, you would need to provide your nominee details to the insurers with the application form itself. But you need to know that it is only an insured person that can assign nominees, the Nominees are only liable to the benefits after the demise of the insured. Your Nominees can be your family, blood relation etc
What Happens if the Nominee Dies Before the Policyholder?
If the nominee dies before the insured nothing can be done than the insured to change the details of the nomination. The role of a nominee is just conditional so the insured will get in touch with the insurer to give new nomination. The insured will need to complete a new form with updated details. This submission will nullify all previous nominations. So one have to, make sure to adjust only the parts needed to and also fill in the details which have not changed.
What's your thoughts?