beneificiary form

Why must I complete a Nomination of Beneficiary form?

A fully completed form will speed up the process of settling payment to your family should you die in service. It is also important to keep this form up to date as your personal circumstances change.

The election is subject to any legislation applicable to the nomination of beneficiaries, identification of dependants and the distribution of death benefits in terms of the Long-Term Insurance Act applicable legislation.

Unapproved and approved group life benefits

You need to establish whether the benefits payable in the event of your death arise from an approved or unapproved arrangement. The process that is followed for an unapproved group life benefit is different to the process that is followed for an approved group life benefit. You may decide to keep the names of the persons you have nominated and the proportions that are allocated the same between the unapproved and approved benefits. You may decide to allocate your unapproved and approved benefits to different persons and in different proportions.

Identifying dependants and other nominees (beneficiaries)

It is important to identify your legal, factual and future dependants, specifically for approved benefits.

A definition of each type of dependant is detailed below:

Legal dependant

A person who is legally entitled to be maintained by the deceased due to their relationship to the deceased. An example of a legal dependant is a spouse or a biological child.

Factual dependant

A person who was in fact dependent on the member at the date of death for maintenance, for example, a person who lived together with the deceased as husband or wife but without being formally married to them.

Future dependant

A person who would have become legally liable for maintenance if the member has not died, for example, an engaged couple or another person who would have married the deceased. You may wish to nominate a person that is not dependent on you. These people are called your beneficiaries

Featured Posts
Recent Posts
Search By Tags
Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square