Important Things about Insurance Nomination
Are you intending to buy insurance policies? If so, this is an article that you must never miss. And I want you to pay close attention to the message contained in this article. If unsure, do read it over and over again. Today, I am going to share with readers the Insurance Nomination Law promulgated by the Singapore government on 1 September 2009. I suspect many Singaporeans are not aware of this relatively new legislation. So, I hope readers will find this information useful in their wealth building journey.
In recent years, many financial bloggers have been espousing the merits of direct purchase insurance products. However, most people may not be familiar with the insurance laws in Singapore. Without the proper advice from financial advisors, many consumers may end up buying the wrong insurance products that may not suit their needs. Hence, I always feel that financial advisors offer a value proposition even under today’s technology evolution.
Again, I must emphasize that this article is not meant to be a form of financial advice. It is for information only. If in doubt, please consult your financial advisor.
When you buy insurance, you are [This is a premium article. The rest of the content is blocked and can be accessible by SG Wealth Builder Members only. To read the full content, please sign up as member.]
Read my other related articles:
- CPF Nomination and Making A Will
- Understanding the Difference Between Critical and Terminal Illness for Insurance
- Health Insurance
- Insurance: Blood in Urine
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2 thoughts on “Important Things about Insurance Nomination”
The main advantage of trust nomination is protection against creditors / bankruptcy proceedings. Some business people use it for their children — they have individual policies for each of the kids … New kid just add another policy & trust nomination. Cheaper alternative than setting up living trust fund.
That is a good point! I overlooked the part on protection against creditors.
I guess this is the key merit of having a trust nomination for insurance policies.
Thank you for your guidance!