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Frequently asked questions about nonlapsing death benefit nominations What is a nonlapsing death benefit nomination? A nonlapsing death benefit nomination is a request by you to the trustee of FirstChoice

How to fill out non-lapsing death benefit nomination

How to fill out non-lapsing death benefit nomination

1. Start by obtaining a copy of the non-lapsing death benefit nomination form from the relevant organization or institution.
2. Carefully read all the instructions and guidelines provided with the form to ensure you understand the requirements and implications.
3. Fill out the personal information section on the form, including your full name, date of birth, and contact details.
4. Identify the nominee or beneficiaries for the non-lapsing death benefit. Include their full names, relationship to you, and their contact information.
5. Clearly indicate the specified percentage or portion of the death benefit that each nominee will receive.
6. Consider any special conditions or instructions you wish to include, such as the age at which the benefit should be distributed to the nominee.
7. Review the completed form to ensure all information is accurate and legible.
8. Sign and date the form in the designated spaces, ensuring your signature is witnessed by at least one person.
9. Make multiple copies of the completed form for your records and submit the original to the relevant organization or institution as specified.
10. Keep a copy of the submission receipt or acknowledgment as proof of your non-lapsing death benefit nomination.

Who needs non-lapsing death benefit nomination?

1. Anyone who has a life insurance policy or participates in a pension or provident fund should consider having a non-lapsing death benefit nomination.
2. Parents or individuals with dependents who rely on their financial support should also consider this nomination to secure their loved ones' financial future.
3. Individuals with specific wishes on how their death benefit should be distributed among nominees or beneficiaries can benefit from a non-lapsing death benefit nomination.
4. People who want to avoid the potential complexities and delays of the probate process can utilize this nomination to expedite the transfer of the death benefit.
5. Having a non-lapsing death benefit nomination provides peace of mind, knowing that your intended beneficiaries will receive the benefits outlined without unnecessary hurdles.

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What is non-lapsing death benefit nomination?

Non-lapsing death benefit nomination is a nomination made by the policyholder to ensure that the death benefit proceeds are paid out to the nominated beneficiaries in case of the policyholder's death.

Who is required to file non-lapsing death benefit nomination?

Policyholders who want to have control over who will receive the death benefit proceeds upon their death are required to file a non-lapsing death benefit nomination.

How to fill out non-lapsing death benefit nomination?

To fill out a non-lapsing death benefit nomination, the policyholder must provide the names and details of the nominated beneficiaries and submit the form to the insurance company.

What is the purpose of non-lapsing death benefit nomination?

The purpose of a non-lapsing death benefit nomination is to ensure that the policyholder's chosen beneficiaries receive the death benefit proceeds in a timely manner and according to their wishes.

What information must be reported on non-lapsing death benefit nomination?

The non-lapsing death benefit nomination form typically requires the policyholder to provide the full names, contact details, and relationship to the policyholder of the nominated beneficiaries.