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Execute A Will For Your Nominee To Get The Proceeds Of Your Insurance Claim After Your Death

image of will - last will for nominee

Like thousands of people, do you think that Nominee will get the proceeds of your Insurance Claim after your death?

Then you are mistaken.

The nominee is just a custodian of the claim amount.
He can’t spend the amount.
He will have to give the proceeds to the legal heir as per the succession law.

Now you understand, when you take any loan, why they asked you to sign on assignment form for your insurance policies.

This assignment form means the proceeds of the claim will first go to the bank to settle the loan, and balance money (if any) will be given to a legal heir.

But it is difficult to go to all the insurance companies and get the assignee endorsement.

Apart from Insurance Claim, you would have given Nominee name for PF, Mutual Funds, Shares, FD, etc.,

If you want to ensure that, the proceeds of all your insurance policies, savings, investments should go to person X, Y, or Z you should execute a will.

It is the ultimate source of truth and replaces the succession law.

If you do it right, it will last forever. Your Wealth!

Susheel Agarwal

Susheel Agarwal

Susheel is a certified Happiness Coach, which enables him to help organizations develop healthy and happy workplaces. Years of extensive in-depth research by interacting with various leaders of happy & not so happy organizations, attending several Happiness and Leadership programs along with his own authentic experiences, Susheel has been successful in establishing a happy workplace. He currently works as a Thought Leader and a Passionate Coach, educating corporate leaders to do the same.

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