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If the person insured passes away the insurance provider will assess the claim and pay the Life insurance benefit to the nominated beneficiaries.
When Life insurance is outside of superannuation the beneficiaries of your policy can in general, be whomever you choose, however, usually the nominated beneficiaries are the people financially reliant on you.
When Life insurance is owned by superannuation the nominated beneficiaries you may choose are restricted to nominating your Estate or persons who qualify as being financial dependents, such as your spouse.
Within superannuation, the trustee of the superannuation fund is the owner of the Life insurance policy and beneficiary nominations can either be Binding or Non-binding. The difference between the two is really that a Binding Nomination is a legally binding document and must be witnessed by two adults who are not beneficiaries to the policy.
The beneficiaries of your Life insurance should be aware of your policy as in the event of your passing it is likely that the beneficiaries will also be the people who contact Hudson Financial Planning or the insurance provider to make a claim on the policy. Obviously, if you nominate your Estate or Legal personal representative you must also have a valid Will in place.
If you would like to query who the nominated beneficiaries are on your Life insurance or if you need to update these please contact Hudson Financial Planning.