A simple guide to protecting your loved ones

One important step many people overlook is naming a beneficiary for their insurance policy.

Life insurance is more than just financial protection — it’s about ensuring your loved ones are taken care of when it matters most.

📌 What is a Beneficiary Nomination?

A beneficiary nomination allows you to decide who will receive the payout from your insurance policy – and how much they will each receive - after your passing.

It gives you a clear and legally recognised way to distribute your insurance benefits to the people you choose.

⭐ Why is nomination of a beneficiary important?

Without a nomination, your family may face:

• Delays in receiving payouts
• Additional legal processes (e.g. obtaining and producing a Grant of Probate or Grant of Letters of Administration)
• Potential disputes over who should receive the money

With a nomination, your insurer can pay your chosen beneficiaries directly, simplifying and speeding up the payout process for your family.

🌟 Key Benefits of Making a Nomination

1. Faster Payouts

• No need for lengthy legal procedures — your beneficiaries can receive funds sooner.

2. Certainty & Control

You decide:

• Who gets the money
• How much each person receives

3. Peace of Mind

You can be assured that your loved ones are taken care of according to your wishes.

4. Avoid Family Disputes

Clear instructions reduce confusion and potential disagreements among family members in unforeseen circumstances.

Types of Beneficiary Nominations

There are two main types of nomination:

1. Trust Nomination

• You give full ownership of the policy benefits to your beneficiaries
• Cannot be easily changed or revoked without the consent of all nominated beneficiaries
• Beneficiaries receive both living (such as surrender payouts or cash benefits payable in the form of coupons or income payouts that could be applicable under your policy features during the policy term) and death benefits

👉 Suitable if you want certainty that your insurance proceeds will go to your chosen beneficiaries.

For this, you use Form 1: Trust Nomination.

You may obtain the applicable Form from your insurer.

2. Revocable Nomination

• You keep full control of your policy
• You can change beneficiaries anytime
• Beneficiaries receive only death benefits

👉 Suitable if your circumstances may change (e.g. marriage, having children). You can make changes based on your needs in life later on.

For this, you use Form 4: Revocable Nomination.

You may obtain the applicable Form from your insurer.

Who can you nominate?

You may nominate your spouse, children, parents or other loved ones, subject to applicable legal and policy requirements.

For Trust Nominations, they are only meant for your spouse and/or children.

For Revocable Nominations, they can be used to nominate any legal entity (i.e. an individual, association or corporation), including spouse and/or children.

⚙️ How Does It Work?

 Making a nomination is simple:

1. Choose your beneficiary(ies)
2. Decide how much each person should receive (%)
3. Complete the relevant nomination form (or online submission if available)
4. Submit the form to your insurer
5. Keep your nomination updated over time

⚠️ What Happens If You Don’t Make a Nomination?

If you don’t nominate:

• Your policy payout may go through legal processes
• Only limited amounts may be paid out directly
• The rest may require court involvement to distribute e.g. producing a Grant of Probate or Grant of Letters of Administration where applicable

 👉 This can lead to delays, costs, and uncertainty for your family.

📣 Take Action Today

 A beneficiary nomination is a simple step that makes a big difference.

✔ It protects your loved ones

✔ It avoids unnecessary delays in unforeseen circumstances

✔ It ensures your wishes are carried out per your instructions

👉 Check with your insurer on your insurance policy nominations today.

 A Financial Adviser Representative can also help you understand the different nomination options and what may best suit your needs and circumstances.

 For more details on beneficiary nomination, you may refer to our “Your Guide to Nomination of Insurance Nominees” available in both English and Chinese for your easy reference.

 However, please note that not every type of insurance will be suitable for nomination and insurers may also have different processes in place to administer your request, it is of your best interest to consult your insurer or financial adviser representative for more details.

This page should not be relied on as a substitute for seeking legal or financial advice concerning your individual circumstances.

Page is updated 26 May 2026