Changes can be daunting, especially when they're unexpected. Take a change of nominee for example. For various reasons out of your control, you may need to reconsider the recipient of your policy payout. Is it possible to alter your nominee? How to go about making the change? This blog covers it all.
As a policyholder, you are fully within your rights to change your nominee. It consists of three easy steps:
Requesting & Documentation
Processing
Confirmation
Requesting & Documentation: If you want to change the person who'll be receiving your life insurance payout, just send a request and all the documentation to your insurance company.
Processing: Your insurer will then continue to process your change of nominee request. Usually, insurance companies have a standard processing time, which varies from insurer to insurer.
Confirmation: Once you've provided the insurance company with all the necessary info and docs, they'll get down to the business of adding up your new nominee. You'll get a confirmation email detailing the new nominee's name and relationship to you, plus any other important change-related info. Upon your confirmation, your insurer will formalise the change.
Pro tip: Make sure you double-check the accuracy of the confirmation email and don't hesitate to let the insurance company know if there are any mistakes.
