insure

insurance trust & nominations

Step 1   Review your existing insurance programme by checking the existing nominees. The nominations may need to be changed in the event of a change in marital status. Other reasons for reviewing the nominations may include demise of nominees, change of status of nominees, additional nominees, etc
     
Step 2   Decide on who are nominees and percentage of distribution

Upon deciding the nominees it advisable to allocate the proportion of the proceeds of the policies, which include life and personal accident policies. It is important to note that the nominations in the policies supersede the beneficiaries named in the Will.
     
Step 3   All nominations must be properly documented in writing with the Insurer. An endorsement will be issued by the Insurer to confirm lodgement.

The nominations should be reviewed from time to time or as and when statuses have changed
     
A Note Of Advice

The nominations should be done in conjunction with any will or trust set up by the testator. This will ensure a smooth distribution of the proceeds.

It is noteworthy to know that life and personal accident policies can be used to set up Living Trusts. Such Trusts not only expedite payment of the proceeds but also prevent creditors and other would-be interested parties from staking a claim. The proceeds of Living Trusts are protected under Trust Laws. Very often, Living Trusts are set up for immediate families involving children.