Sunday, July 01, 2007

Beneficiary

Just recently, special friend told me that in Singapore, we are not allow to change our beneficiary (benefactor) as and when we want after we had made our nomination for all our CPF and insurance policy etc.

Unless you have stated as per your will (which means you can change your will), else you have to get agreement from your appointed beneficiary before you can amend it.

I have absolutely no idea about this and feels so surprise, even until now. Trying to find out more from the (Singapore) web but can't find any. I had been asking around my family and friends and got the same reaction like mine. I will check it out from my insurance broker to find out more.

Meanwhile, anyone up there know about this????

3 comments:

Ivy said...

Q: How do I change my previous nomination?

A: You can complete a new nomination form. Your new nomination form will supersede the earlier nomination which you have made. However, if you wish to distribute your CPF savings according to the intestacy laws/ the Muslim inheritance law, you may also cancel your previous nomination by completing a Notice of Revocation of Nomination and returning the form to us by post. Alternatively, you can complete the Notice of Revocation of Nomination at any of the Board's Service Centres.

Pauline said...

Heard from my friend, CPF beneficiary is different from Insurance.

Insurance have Section 73 to protect the beneficiary.

But if the Insurance beneficiary is under "Imply Section 73", it can be change if the beneficiary agreed.

Pauline said...

Answer from my insurance agent: -
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Section 73 applies only to spouse & children & is irrevocable. Insurers (other than NTUC Income, as they are cooperatives) do not give option for naming beneficiaries nowadays due to such complications. For nomination of beneficiary, you can do assignment (conditional/unconditional), trust or most recommended, under a will.