A beneficiary nomination form is a legal declaration, stating an individuals nominated beneficiaries in the event of death. There is no limit to the amount of beneficiaries, as long as the share of benefit for proceeds totals 100%.

Underwriters cannot allocate the unapproved benefit to a nominee unless they have been named, and suggested an allocation. The beneficiary nomination form for unapproved risk benefits cannot make mention of the approved pension / provident fund. Should the beneficiary be a minor, a trust fund will need be set up.

Please advise your clients of the importance of a Beneficiary Nomination Form. These should be updated after any life changing event, for example marriage, divorce, new additions to the family. These should be kept with the Human Resources Manager or Department at the company.

Should you require more information, please contact your Associate or the office.

Thank you and regards,
The TSA Team

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