1. Proceed to nominee(s) named in policy.
*** Bear in mind, though that the nominee who
receives the monies is not necessarily the rightful owner and may be holding the proceeds in trust for heirs.
2. Ignore/overlook nomination. The insurance company will only release the insurance proceeds to the personal representative of the estate under the Insurance Act of 1996
*** Family members would face a delay in the distribution in view of the duration taken to obtain the relevant letters of the representative from the court.
*** The timing depends of course on whether there is a Will or otherwise.
3. Through an insurance trust.
*** The trust deed, either executed by you or the trustee company, will indicate the roles and obligations of the trustee in handling the insurance proceeds for the beneficiaries.
Of these 3 methods, the 1st method seems to be the simplest & easiest. However, apart from the question of ownership of monies received, a nomination does not address some situations.
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Source: Rockwills Corporation Sdn Bhd. (Maximising your insurance proceeds)
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