This checklist is the annual "roadworthiness test" for your beneficiary designation: five minutes, seven points, and you can be sure the payout would go where you intend it to. Get out your policy (or the insurer's customer portal), and start checking boxes.
In short:
- Run through it once a year – as part of your annual fifteen-minute review – and at every major life change.
- If you get stuck on any point: making a change is a simple written statement, typically free of charge.
- This list is an informational aid – for a check tailored to your specific situation, bring your policy to the consultation.
The seven points
- Is there a named designation at all? If not: the payout would go toward the heirs, moving through the probate timeline – why the designation matters.
- Are the names current? Are the people named still the ones you want the payout to go to today? Updated since a divorce, a new relationship, or a birth? – the outdated designation is the most common mistake.
- Are the identifying details accurate? A name change (marriage!), address, birth details – at payout time, the speed hinges on how quickly identification can be confirmed.
- Do the shares reflect your intent? With multiple beneficiaries, do the percentages add up and split the way you want? – for a minor beneficiary, think through the management rules too.
- Is there a secondary (contingent) designation? Where the product allows it, use it – a backup plan for the unexpected.
- Is the loan stipulation up to date? Does the share assigned to the bank match the actual outstanding debt? Updated after an early repayment or refinancing? – details.
- Does the family know? Is the family aware of where the policy is, and the insurer's and broker's contact details? – document map.
If you need to make a change
The change is made with a written statement to the insurer – the exact steps are here. If the policyholder and the insured aren't the same person, the insured's consent is also required. File the confirmation together with the policy – and go through the list again.
Does your situation need more than five minutes? A blended family, a corporate connection, complex estate planning – these deserve a lawyer and an accountant too: the right questions. We'll sort out the insurance side together: book an appointment.
A question about your family's situation? Book a free 20-minute consultation →
This article is for information purposes only; it contains general information and does not constitute an offer, insurance, legal or tax advice. The exact content of insurance contracts is defined by the insurers' terms and conditions in force; specific inheritance, tax and duty questions are worth clarifying with a lawyer or an accountant.
