Now that you have purchased a life insurance policy, what’s next? You would probably recall that when you went through your policy details, there was a death benefit listed among the documents. Who would get the payout should you pass away when your policy is active? As morbid as it can be, life is unpredictable and it is important that we make insurance nominations where possible. In this guide, we will share more about what an insurance nomination entails, the different types of nominations, and how to go about making one. What is an insurance nomination? Why do I have to do it? The Insurance Nomination Law was introduced on 1 September 2009 to allow insurance policyholders to easily, clearly, and affordably nominate beneficiaries – people or organisations who would receive your insurance payouts. Policyholders can specify who and what percentage of the payouts will be in this legal and binding document. This helps to ensure their nominated beneficiaries...