Insurance Trustee vs Nominee vs Beneficiary

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Insurance Trustee vs Nominee vs Beneficiary

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ckdenion	Dec 5 2017, 06:16 PM Return to original view \| IPv6 \| Post #1
Financial Practitioner Senior Member 2,866 posts Joined: Sep 2008 From: Wangsa Maju, KL	QUOTE(Martinkoo @ Dec 5 2017, 02:00 PM) Hi, Anyone can help to clarify and verify? I have a very bad experience when dealing with the Insurance Customer Service today. If you are the insurance policy owner, do you know and understand what you have signed? Perhaps you need to check further with your insurance agents. 1) What is the difference between trustee vs nominee vs beneficiary? Which keywords you saw in your insurance policy? Trustee is the person who take care of the money payout based on your trust deed. Nominee is the person you nominate to claim the death payout from your life insurance. Beneficiary is the person who can use and enjoy the death payout from your life insurance. (correct me if im wrong) 2) If you are the insurance policy owner, do you have the full authority to surrender, revoke, renominate, withdrawing cash value and etc, based on your own will? if you have no trustee/nominee, yes you have the full authority. else need trustee/nominee consent YOU WILL BE VERY SURPRISE!!!!!! Your trustee or nominee have to authorize you even you are OWNER OF THE POLICY. yeap, in regards on major changes (surrender, withdrawing CV, etc.) need to have trustee/nominee sign. It is very UNFAIR clause to policy owner in the insurance policy Anyone have such experience??? or mind to share more? or be aware of it? sorry for the bad experience you had. and yea it applies to insurance industry.
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ckdenion	Dec 5 2017, 10:58 PM Return to original view \| IPv6 \| Post #2
Financial Practitioner Senior Member 2,866 posts Joined: Sep 2008 From: Wangsa Maju, KL	QUOTE(Martinkoo @ Dec 5 2017, 07:24 PM) » Click to show Spoiler - click again to hide... « It is a NIGHTMARE. Who is the genius that propose such things? Based on what merit and research in depth which has been done to get it implemented? POLICY OWNER pay the premium with their sweat and blood hard earned money and they cannot execute their will on the policy. What is the rational sense on it? What if the trustee RIP already or be away for long holiday or have a bad relationship already? OWNER of insurance policy is controlled by the trustee now. What the prudent approach we can take? Converting it to takeful type insurance or to surrender it? I believed many insurance policy owner does not be aware on the implications on themselves. How come the insurance company didn't update the insurance policy holders for the implications ? What the hidden agenda on it? Do you guys receive the Letter which is sent out by the Insurance company for such changes on this part? What if the policy is purchased before 30June 2013? Do they still need the trustee consent to make the changes on it? I started to feel too scary to purchase Insurance products in future. What alternatives do we have? to solve your worry, appoint the correct trustee. then create a trust to protect it. if trustee is a neutral party, guess that will take away your worries here. QUOTE(Martinkoo @ Dec 5 2017, 07:34 PM) The situation now, you appointed your spouse or your parent as nominee or trustee for the insurance policy. But when you want to revoke or nominate another person to it, you have to get their written consent. You are the Policy Owner. But, you are controlled by the trustee now. It is so UNFAIR and IRRATIONAL. If you sit in that shoes, what you will do? . basically u just need them to sign. of course best is to still put nominee. else, without nomination, write a will/trust and assign the insurance policy into the will/trust. then assign the beneficiary through will.
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