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A coffin during a funeral service.
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Since the start of the year, the National Financial Ombud Scheme of South Africa has been highlighting the importance of annual policy reviews.
It says nominating beneficiaries for life insurance policies makes it easy for the intended parties to be paid proceeds timeously.
Lead Ombud of the Life Division, Denise Gabriel says, “Often one nominates a beneficiary at the start of a policy, and life-changing events occur, such as divorce or the nominated beneficiary has passed away or a child has been born. So on those life-changing events, please ensure your beneficiary nominations are up to date, most policies allow for beneficiary nomination to be revocable until such time as an event has occurred.”
PODCAST | The National Financial Ombud Scheme of South Africa speaks to Lotus FM’s NewsBreak on the importance of annual policy reviews:
