Updating beneficiary details: How to and why?

Life insurance can be an important part of financial planning, helping to ensure that your loved ones are taken care of in the event of your passing. One key aspect of managing your life insurance cover is keeping your beneficiary information up to date. This article will guide you through the importance of updating your beneficiaries, how to inform your beneficiaries about your cover and how to claim, and the steps to update your beneficiary details.

The importance of regularly updating your beneficiary or beneficiaries

Reflecting life changes – Life happens, and significant changes such as marriage, divorce, birth of a child, or the death of a previously named beneficiary necessitate updating your beneficiary details. Keeping this information current ensures that your policy reflects your current wishes and provides for those you intend to benefit.

Avoiding complications – Outdated beneficiary information can lead to complications during the claim process. Ensuring your beneficiary details are accurate and up to date can help avoid conflicts on the event of a claim and ensure a smooth transition of benefits.

Helping to ensure financial security – The primary purpose of life insurance is to provide financial security to your loved ones. By keeping your beneficiary information up to date, you ensure that the right people receive the benefits promptly, helping them to better manage financially during a difficult time.

How to update your beneficiary details

Updating your beneficiary details with NobleOak is a straightforward process. Here’s a step-by-step guide:

Requirements: Beneficiary Form (download here)

Step 1:

Complete the beneficiary form: Complete the form with the necessary information, including the names of your new beneficiary(ies)  and the percentage of the benefit each should receive. Ensure the percentages add up to 100% and are rounded without decimal points (e.g., 50%, 20%). Once you’ve filled out the form, sign and date it, and send it to [email protected]

Step 2: Once received, a NobleOak agent will update your policy with the new beneficiary details as specified.

Step 3: After the updates have been made, you will receive a confirmation email from NobleOak, verifying that your beneficiary details have been successfully updated.

Please note: If you hold an SMSF policy, a Standalone Trauma, or an Income Protection insurance policy, no beneficiary is required.

Informing your beneficiaries about your cover and what they would need to do in the event of a claim

It’s important to ensure that your beneficiary(ies) are aware of the life insurance coverage and understand the process for making a claim. You can inform them by:

• Verbally telling your beneficiaries that you listed them. This ensures they are aware and can prepare accordingly.
• Provide a Certificate of Currency. We can send you a copy and you can provide this to your beneficiary(ies).
• Your nominated beneficiary(ies) will be shown on both your application and the welcome pack you received when you first joined NobleOak. You can share these documents so they have official records.

What your beneficiaries need to know

Your beneficiaries should understand how to claim if the worst was to happen. Here’s what they need to know:

• Beneficiaries can contact NobleOak directly to start the claim process.
• All necessary documents for the claim will be either emailed or posted to them.
• Once the completed documents are received back by NobleOak, the claim process will begin.

By following these steps and keeping your beneficiary details up to date, you can help to ensure that your life insurance policy can provide financial security to your loved ones, if the worst was to happen and they needed to claim on the policy.