It doesn't state that nominee consent needed if want to assign new nominee.

It just states that trustee consent needed.

"(5) A policy owner shall not deal with a policy to which subparagraph (1) applies by revoking a nomination or adding a
nominee other than his spouse, child or parent under the policy, by varying or surrendering the policy, or by assigning or pledging the policy as security, without the written consent of the trustee."

For policy that has not been assigned with a Trustee, the auto trust applies.

Savings policy, save rm10000 that I can take rm10000 after 10 years, but after 8 years, cash value not even reaches 50% mark. MAA
mixed policy with life and medical, medical was at very minimum, enough to cover daily rate in GH's class 2 ward, GE
Prudential are the best since it is following the hard copy policy, but when claim, they are using "too many potential fraud claim" as excuse to deny my claim.
You want to do something on your policy especially cancelling, sure you will have hard time, but the agent can change the nominee's name or change your package easily.
Trust me, you no need to have any insurance for your life. GH is there to help you if you need help. Even a Datuk that is a multi-millionaire also spending time in GH only, he ask me back "why waste money to let insurance agents enjoy your hard earn money?" when I asked him on this matter.

So we have clear up that nominee consent is not required.

It is the trustee, while those having problem one is those auto-trust category.

Correct.

However, the fishy issue of an existing unknown nominee is unprecedented in my agency.

okies....apparently they really need to correct the english....for normal people like me to understand. What does the below sounds to you?

The letter i got stated "The existing nominee as listed below is required to complete part D on the nomination form for revocation of the existing nominee"

and there is still no auto trustee or trustee on my policy, just me and the unknown nominee. And i checked the system...it is blank on trustee field.

So agent(s) got back to me and says i just need to tick Part D myself...and problem solved. But it still beats me the written part...which i do feel it needs to be correctly and clearly written for normal people to read and understand

tell me if that sentence doesn't sound like it needed the Nominee's permission?

This post has been edited by mIssfROGY: Mar 2 2016, 03:52 PM

and for the unknown nominee....SYSTEM ERROR


anyway..i have filed a complaint on NOT Excusable reason that the system can happily change my nominee while i have to fill in forms and all the hassles...and i have to alert them of the error instead of vice versa.

But looks like Starry still needed his nominee's consent?
Starry can you confirm? Trustee or Nominee on your end?

I guess the person in charge or admin/officer may mix up the trustee with nominee issue, just like what you have experienced.

As there may people do not understand the wording in the description as well as differentiate the term between trustee and nominee.

haha...nominee is not nominee and trustee is not trustee?
I can see clearly that they are both in different fields in the system...i mean they r both very different people in my policy

Most likely typo / human error when they registered the system. big mistake though, you can sue the insurance company provided you got the proof like the proposal form signed by you when you apply for the insurance policy and it is written differently.

I meant the insurance officer may mis-intepret between trustee and nominee.

Eg.
The law stated trustee consent needed, but the office may not well verse reading the ruling, and cannot find any trustee in the policy/in their system, and assume nominee needed, due to auto-trust ruling.
or
sometimes, agent filed wrongly in the application form, as a lot of time during submission of form, agent filled up all the info and the policy owner just signed on the last page.

Human error become more pronounced nowadays, may be due to internet age, type,write wrong, can easily deleted afterwards, unlike in my schooling time, once you typed wrongly on type writer, whole page needed to throw away.

In my case, I still needed my nominee's consent coz there's no trustee assigned. So nominee becomes auto-trustee, that's what I understood from roystevenung's post, "For policy that has not been assigned with a Trustee, the auto trust applies."

Thanks for sharing your experience here. I get what you mean. That's why I surrendered one of my policies too. Similar to your case, after 10 years, cash value is only 50%. Some of my friends opt for government hospitals for medical treatment coz they don't trust insurance companies.

Better cancel all policies, better for you later on.

If I have a investment-linked insurance with term life coverage and add-on critical illness coverage, can I use it to claim medical insurance income tax relief?

Rightfully only the portion attributed to the CI coverage is entitled.

Anyhow, your insurance company is supposed to send you the letter saying how much is under life, medical, etc... to make it easier for you when you file for your tax.

Many of us here miss out the other part of insurance which is coverage, TPD, 36 CI, income tax saving and many more. There is a Chinese saying, if you die tomorrow thats fine, but what if you don't die? What if you are paralyse? What if you are disabled? What if you got a critical illness and cant continue working for the rest of your life? If you die, you leave behind debts, if you don't die you leave behind a burden to your family members…

No, you will only be claiming the life portion, there is no medical portion in here unless you add on the medical card rider.

I thought Critical Illness can claim for the medical portion?