Thursday, December 15, 2022

Maximising your insurance proceeds

When comes to the distribution of insurance proceed upon your demise, there are 3 ways this can happen.

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.


==>>> at 016-6825195 

to maximize your insurance proceeds !

Source: Rockwills Corporation Sdn Bhd. (Maximising your insurance proceeds)

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