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Insurance Talk V3, Anything and everything about insurance
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mIssfROGY
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 Feb 29 2016, 10:59 AM
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yesterday i got a shock of my life when i found out that my life insurance nominee is someone i do not know. My nominees were nominated donkey years back and now i want to update new nominees and found that the current one is someone i do not know @@ I suggest all of you to please go and check if your nominee(s) are still intact! :/
My agent is currently following up on this and I am not going to speculate what happened, so i have nothing to tell, but apparently i need my "current unknown nominee" signature to update my new nominee @@ i was like wtf...why do i need my nominee's signature or permission to nominate whoever i wanna gib my monies to?!! especially when i dont even know who this is...
weirder is, my husband who wants to update his nominees too didnt have to "ask" permission to do so (his nominees are still family members btw)
This post has been edited by mIssfROGY: Feb 29 2016, 11:00 AM
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mIssfROGY
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Feb 29 2016, 11:07 AM
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QUOTE(lifebalance @ Feb 29 2016, 11:02 AM) Most likely this guy had been nominated as a trustee to your policy and you need this person's signature (permission) to change anything in your policy. not trustee...is nominee @@ his/her name is in the NOMINEE section. Trustee section is totally empty. my old nominees are all gone, replaced by this "new unknown" person and now i need her/his signature to update new nominees. my agent is scratching his head.....also duno how to answer me liao... btw, how do u nominate an unknown trustee? I dont know this fella @@ This post has been edited by mIssfROGY: Feb 29 2016, 11:09 AM |
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mIssfROGY
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Feb 29 2016, 11:12 AM
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QUOTE(lifebalance @ Feb 29 2016, 11:11 AM) Then kindly ask ur agent to check with his insurance company. yeah oredi did lor....checking liao Just writing in to let ppl be aware la....feeling kinda insecure ma  This post has been edited by mIssfROGY: Feb 29 2016, 11:14 AM |
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mIssfROGY
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Feb 29 2016, 11:34 AM
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QUOTE(kokkit3 @ Feb 29 2016, 11:28 AM) Dear, For husband and wife case, I may suggest you to do absolute assignment. Your husband to absolute assign the policy to you. An example, In order to change from you to your child, your husband need to assign back to him self, then only assign to your child. That way its a must to get permission from the policy holder and not simply nominate Tom Dick and Harry as a nominee / trustee. It is a good practice to review your policy yearly so that you will know where you stand financially and update your nominee / trustee. Same goes with EPF… absolute assignment not by default? Can simply assign nominee ah without permission? I thought got form to fill in by life assured and watever changes life assured should know? this unknown nominee was assigned without my knowledge eh....i tot whatever changes in nominee, i should know it 1st hand? and why now i need my nominees permission to change nominee? @@ |
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mIssfROGY
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Feb 29 2016, 10:30 PM
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QUOTE(cherroy @ Feb 29 2016, 04:25 PM) You do not need nominee signature to change the nominee. What if the nominee already passed away, how to get the signature then?  It doesn't make sense at all. Something really mix up already or the admin person in charge mix up the trustee and nominee matter, With "unknown person" in the nominee, the person will get the insurance money after you passed away...... Really scary to hear.  Exactly my thoughts...what if me n hubby get into bad terms...how can i get him to change if he is my nominee...moreso lagi he will wan my money. And yes...even if mix up nominee now another unknown person weirdest is i ned his permission to renominate...relly wtf.... I have no trustee...jus nominee...but no matter wat it shdnt b sum stranger! Grrrr |
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mIssfROGY
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Feb 29 2016, 10:34 PM
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QUOTE(JIUHWEI @ Feb 29 2016, 05:03 PM) Under new regulation (FSA to replace insurance act), the policy owner would need to appoint a trustee to change the nominee. The old practice was that the insured can also be the trustee. New ruling: the insured cannot be the trustee of his/her own policy. In order to change the nominee, the policy owner would have to appoint someone to sign as trustee, in order to change the nominee. Problem is now the nominee is not mine....it was changed without my knowledge I jus got to know it during my insurance review. If nominee can b changed without me knowing i wan my monies back with interest! Grrrr .....gawd knows how long have i been paying to insure someone livelihood after i passes. And i dun have a trustee never have n was never asked to assign one... This post has been edited by mIssfROGY: Feb 29 2016, 10:46 PM |
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mIssfROGY
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Feb 29 2016, 10:36 PM
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QUOTE(tonytyk @ Feb 29 2016, 06:26 PM) This is serious case, should report Yes definitely... am waiting for an answer...apparently system down because of monthend and they cant check. This post has been edited by mIssfROGY: Feb 29 2016, 10:44 PM |
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mIssfROGY
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Mar 1 2016, 12:06 AM
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QUOTE(lifebalance @ Feb 29 2016, 10:39 PM) Update us again on your findings, we would want to know what really happened Surething! |
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mIssfROGY
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Mar 1 2016, 01:25 AM
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QUOTE(roystevenung @ Mar 1 2016, 12:18 AM) In cases like this, it is best to go to the insurance office personally and file a formal complaint preferably to the branch manager or regional manager so that a detailed investigation may be carried out. Correcting the nomination now is just like dusting the problem under the carpet and does not provide answers as to why this can occur. Whenever the nomination is changed, there is always a supporting document that comes with it. This is very serious matter as it may involve huge sum of monies being paid to a total stranger. Oh okies....i m actually waiting for my agent to get back with an answer be4 proceeding. Am thinking of goin after he comes back with sumthing...and thanks for the suggestion...now i know who to find. |
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mIssfROGY
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Mar 2 2016, 03:48 PM
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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 |
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mIssfROGY
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Mar 2 2016, 03:50 PM
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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. |
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mIssfROGY
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Mar 2 2016, 03:53 PM
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QUOTE(cherroy @ Mar 2 2016, 09:40 AM) It doesn't state that nominee consent needed if want to assign new nominee. It just states that trustee consent needed. But looks like Starry still needed his nominee's consent? Starry can you confirm? Trustee or Nominee on your end? |
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mIssfROGY
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Mar 2 2016, 05:01 PM
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QUOTE(cherroy @ Mar 2 2016, 04:58 PM) 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 |
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mIssfROGY
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Mar 3 2016, 12:03 PM
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QUOTE(roystevenung @ Mar 3 2016, 11:50 AM) That is absolutely correct. Ps. Thank god someone got what i mean! Try typing that post on an iPad! But! i thought a Trustee needs to be over 18? The unknown nominee which got auto trusted is a 10years old kid.... okok...i got what u guys mean..sorry just rubbing more rubbish in and you shd change to a surface pro man.....dump the ipad. Anyway i think insurance is impt la....but i just want to ensure things are on track as i am in the midst of upgrading my life policy and this thing have to happen... |
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