Get the free Non-binding beneficiary nomination - WA Super

Date Stamp (Internal Office Use Only) Nonbinding beneficiary nomination Complete this form in pen using CAPITAL letters. Where applicable complete boxes with an SECTION 1 YOUR PERSONAL DETAILS X Client

How to fill out non-binding beneficiary nomination

How to fill out a non-binding beneficiary nomination:

1. Begin by obtaining the necessary forms or documents from your insurance company or financial institution. These forms may be available online or by contacting customer service.
2. Start by providing your personal information, including your full name, date of birth, and contact details. Ensure that all information is accurate and up to date.
3. Identify the policy or account for which you are making the beneficiary nomination. Include any relevant policy or account numbers, if applicable.
4. Determine the type of beneficiary designation you would like to make. In this case, it is a non-binding nomination, which means that the insurance company or financial institution is not legally obligated to follow your wishes but will consider them when making decisions about the distribution of your policy or account proceeds.
5. Clearly state the full name of the primary beneficiary. This is the person who will receive the benefits upon your passing.
6. Specify the percentage or portion of the proceeds that each beneficiary should receive if you have more than one primary beneficiary. For example, you may want to allocate 50% to one person and 50% to another.
7. Include any contingent beneficiaries if desired. Contingent beneficiaries will only receive the benefits if the primary beneficiary is unable to receive them. Provide their full names and the percentage or portion they should receive, if applicable.
8. Review the form for accuracy, ensuring that all names, percentages, and details are correct. Incorrect or incomplete information may cause complications in the future.
9. Sign and date the form, following any additional instructions provided by the insurance company or financial institution.

Who needs a non-binding beneficiary nomination:

1. Individuals who want to express their wishes regarding the distribution of their insurance policy or financial account proceeds, but also understand that these nominations are not legally binding.
2. Those who want to provide guidance to the insurance company or financial institution on how the benefits should be distributed, giving them a clear indication of their preferences.
3. Individuals who have multiple beneficiaries and want to establish the proportions of the proceeds they should receive.

Remember, it is important to regularly review and update your beneficiary nomination to ensure that it reflects your current wishes and circumstances. Changes in personal relationships, such as marriages, divorces, or the birth of children, may require an update to your nomination. Consult with a legal or financial advisor if you have any specific questions or concerns.

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What is non-binding beneficiary nomination?

Non-binding beneficiary nomination is a form where a policyholder can suggest who should receive the policy benefits in the event of their death, but the insurance company has the final say on the beneficiary.

Who is required to file non-binding beneficiary nomination?

Anyone who has a life insurance policy can file a non-binding beneficiary nomination.

How to fill out non-binding beneficiary nomination?

To fill out a non-binding beneficiary nomination, the policyholder must provide the full name, relationship, and date of birth of the beneficiary.

What is the purpose of non-binding beneficiary nomination?

The purpose of a non-binding beneficiary nomination is to give the policyholder the opportunity to express their wishes regarding who should receive the policy benefits.

What information must be reported on non-binding beneficiary nomination?

The non-binding beneficiary nomination must include the full name, relationship, and date of birth of the beneficiary.