Life Insurance Nominee: When Did You Last Check It?

When did you last check your life insurance nominee? You chose that name on the day you bought the policy, and it made sense then. But life changes: you marry, a child is born, your nominee passes away, a marriage ends. The insurance company doesn't know. It pays the nominee it has on record. So ask: does this name still make sense? If it does, there's nothing to change. If not, you can add a person or change the name, any time while the policy runs. Tell the insurance company in writing. A will, or telling your family, doesn't change who it pays. And it's not just insurance: bank accounts, lockers, demat accounts and mutual funds have nominees too, so check them as well. Ask your advisor to check each policy's nominee with you and help you change it.