who are benefits paid to?
Completing a nomination of beneficiary form speeds up the claims process and helps the trustees determine the beneficiaries.
Yet our experience handling group life insurance claims clearly shows that far too many employees die without having made a recent nomination of beneficiary. Otherwise known as an expression of wish, filling in a nomination of beneficiary form helps indicate to the trustees where an employee’s benefit should be paid in the event that they die.
Where no nomination has been made, it generally takes much longer for the trustees to complete their investigations and as a result this means the payment takes longer to reach the beneficiary. It is important to remember that the trustees have the absolute, final discretion as to who the benefit is paid to, but the employees wishes will be taken into account.
You’ll find more information around the importance of nominating a beneficiary and a helpful step by step guide through our online nomination service below.
Encouraging your employees to complete a nomination of beneficiary form can help speed up the claim process, ensuring payment is made as soon as possible.
Using our online nomination of beneficiary service encourages employees to keep their nomination up-to-date, with reminders sent every year. Furthermore, their forms are stored securely, and in the event of claim, the employee’s form will be sent directly to the trustees, speeding up the claim payment to the family.
If you should suddenly die while employed, we’d expect that you’d want your family to be taken care of. Nominating a beneficiary for your group life benefit can help speed up the claim payment process, ensuring the money needed to keep the roof over your family’s head is paid as soon as possible.
By using our online nomination of beneficiary service, your form will be held securely and regular reminders will help you ensure your nomination is up to date. In the event of death, your form will be sent directly to the trustees. It is important to remember that the trustees do have final discretion on who the benefit is paid to, but they will take your wishes into account.
For information on how to complete your nomination form, access our useful help guide.
using our online service
It is an online service that your employer has selected as a way for their employees to safely and securely record their nomination of beneficiary.
Once the service has been set up, employees will receive an email from us asking you to register to use the service. The email will come from firstname.lastname@example.org. Once an employee has registered and logged into their account, they will be able to complete the nomination. Please note, this information is stored securely and will only be accessed by us in the event of a claim in order to send to the scheme trustees.
To nominate a family trust on the online form, place the name of the trust under the ‘full name’ field, and specify ‘family trust’ in the relationship field.
We hold information for three months and after this, it is securely destroyed.
As an employee’s benefits tie in with their employment, we hold information for three months from when an employee leaves employment. After this, it is securely destroyed.