How do you make sure the right person gets your life insurance ?

whiteswan

I am sorry if this is a very silly question.

I have Life Insurance but nowhere in the documentation can I see where you "nominate" somebody to be the beneficiary ?

In my situation I would like my partner to get the money and not my children (they are provided for in other ways)

I have put it in my will.

Is this enough ?

Why can you not nominate somebody on your policy ?

David

POPPYOSCAR

You can.

Ask the company to put it in trust.

They will send you a form to complete and send back to them.

tacpot12

Poppyoscar is correct. The life company will have a standard form you fill out. It will usually be described as an "Expression of Wishes" form as the Trustees need the flexibility to payout to others, e.g your children, if anything has happened to your partner when you die. I don't think it's a silly question though. I've never understood why Life companies don't send out the form when they issue the policy.

Given the importance of the form, I wish they would send notification when they record your wishes on their systems and if this is ever changed.

dunstonh

You either write the policy on the life of another (policy-owner being the beneficiary but not the life assured). Have it in joint life first death (it goes to the second policyholder) or you write it in trust. There are multiple trusts available to suit different needs.

I've never understood why Life companies don't send out the form when they issue the policy.

Trusts can be complicated and are not always needed given the multiple ways these things can be done and the fact there are multiple trusts. They have to be careful not to stray into advice.

It will usually be described as an "Expression of Wishes" form as the Trustees need the flexibility to payout to others, e.g your children,

Expression of wish is pension, pension term assurance or death in service. It is not conventional life assurance. For that you would be looking at things like a flexible trust or an absolute trust.