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

Employers need to remind their employees 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 HR department at the company.

If no nomination form is completed the policy will define whether the benefit will be paid to the member’s estate or whether payment is at the employer’s full discretion.

Thank you and regards,
The TSA Team

You’ll find all back issues of TSA Connect by visiting our blog.

All information provided in TSA Connect newsletters is intended to inform and explain, but please remember to always check the current terms on policies when considering options and advising clients.

(Vol. 7 Issue 14)