Life Insurance Beneficiaries

A beneficiary is a person or entity designated to receive a policy benefit, subject to the policy and applicable rules.

Overview

Review beneficiary information when major life circumstances change and understand how the insurer handles nominations.

What should you check?

• Read the policy definitions, limits and exclusions.
• Check the excess and any waiting or notification requirements.
• Understand what evidence may be required for a claim.
• Compare equivalent levels of cover rather than comparing price alone.

Why policy wording matters

Insurance is a contract and the precise terms determine when a claim can be accepted. Marketing summaries can be useful for orientation, but the policy documents should be treated as the authoritative source for the coverage you are considering.

Common questions