Tuesday, December 1, 2009

MAA policy nomination


How many life insurance policys to you have ? When was the last time you do a policy review ? Have you do your nominations for your policy ?
Avoid further suffering for your loved ones
Nominate and update your nomination today.

Death is sad part of life and it is naturally distressing for your loved one.By planning ahead, you can protect them from unnecessary suffering upon your passing.This is especially important if you are the breadwinner.

By nominating and updating your nomination ,your family members can be assured of receiving insurance money without any difficulties in the event of your death.

This is what might happen if you DON'T nominate and update your nomination:

  1. Your loved one would go through a difficult process to obtain legal documents such as letter of administration , Letter of Probate or distribution Order from relevant authorities to substantiate their claim before they claim.To obtain these document is time-consuming and there maybe fees imposed by the issuing authorities.On the other hand,with nomination all these documents are not needed and the claim process will be hassle-free.
  2. The authorities will decide who gets priority to claim.This is likely to result in conflict between surviving family members.If there is a nomination,Your insurance money will go to the intended beneficiary.For Muslim members the nominee will act as an administrator (wasi) who will be responsible for distributing your savings according to the Faraid Law.
If you experience a life-changing event such as marriage, divorce or birth of your child , you are advised to keep your nomination updated.

Protect your loved ones from additional suffering.
Do the right thing by nominating and keeping your nomination updated.