Can I nominate who receives my life insurance benefits if I die?
Last updated 26 February 2016
Cover outside super:
You may nominate up to five beneficiaries to receive death proceeds from your Life Care. Your valid nomination will ensure that the death claim proceeds payable under the policy will be paid in the designated portions directly to the nominated beneficiary/ies.
Cover inside super:
If you have a Total Care Plan Super policy you may make either a non-binding or binding nomination.
The Trustee will consider your nomination but has discretion to determine how the death benefit is paid.
This gives you greater certainty about who will receive your benefit when you die, however this nomination lapses after three years so you must keep this nomination up to date.
For more information please refer to the relevant PDS.