Your Life Insurance May Be Worthless If It Gets to the Wrong Beneficiaries

As time goes by your circumstances change. Consider the changes that are specifically relevant to your life insurances and your original intentions. If your family situation has changed then you need to investigate how these changes may be brought into your life and superannuation program.

(PRWEB) April 15, 2005 -- Here are some relevant questions for you:

Who are my beneficiaries under my superannuation fund and ordinary policies and have I advised the various trustees?

When I last changed a debit authority and the bank account details, did I consider that the purpose for which I set up the policy may have changed?

Am I paying the premiums for my ex partners or previous co-shareholders insurance cover?

Are the proceeds to be paid to my estate or directly to my financial dependants?

Will the trustee of my superannuation use his or her discretion regarding the payment of my superannuation benefits towards my dependants, irrespective of the instructions in my will?

Have I appointed beneficiaries under my policies rather than have the proceeds tied up in my estate while probate is arranged?

Have I considered the opportunities afforded to my dependants through a testamentary trust or receipt of my superannuation benefits as a pension?

Does my will conflict with the appointment of beneficiaries under my policies and superannuation funds?

Have I attempted to find my lost super and ensure that this lost treasure will be distributed correctly?

If the cover and policy that you have is held within a superannuation fund, then it is most likely that the right people will receive the proceeds. This is because under most superannuation funds the trustees have the discretion and the obligation to distribute the proceeds in the first instance to your dependants. Even so, it is advisable to assist the trustees by giving them direction and guidance as to how you wish your benefits to be distributed. This may be done by appointing your intended beneficiaries and stating the method payment and proportion of the distribution.

Go to www.ginsburg.com.au for practical information

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