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Beneficiary of life insurance policy vs. a will

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asked on May 18, 2000 at 23:36
by   Corina L
edited on Mar 30, 2016 at 05:02
 
I am the only person looking after an old aunt who is unmarried. I want to get a life insurance policy on my life. However, I wish to put my aunt as the beneficiary in the policy. If anything happens to me, will my husband be able to claim the proceeds of the policy rather than my aunt?
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answered on Jun 14, 2011 at 01:54
by   Jeyo
edited Mar 30, 2016 at 05:35
 
May I ask another question on top of this thread. Is it possible to assign someone of no "blood relation" as my beneficiary to a life insurance policy?

What would happen then when I die? Does it follow Section 167? Also, I can't seem to understand this statement from Section 167,

"the licensed insurer shall be discharged from liability in respect of the policy moneys paid."
Many thanks!
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answered on Dec 30, 2016 at 05:15
by   OwlHo
My in law brought a primelife insurance in 1996. The beneficiary nominees are under equal share to her eldest & second sons; and trustee is her younger son. Her 2nd son passed away,  hence my in law wanna change her nomination to her eldest and youngest son. She was been told that this is not allowed coz for those old policy,  nominee is not allowed to change. Pls help to advice if there is any other way for her to set the beneficiary nominee as she do not want any unnecessary arguement esp from her 2nd son family since the deceased name stated in the policy.  Getting a will can help on this case? 
Pls advice.  Thanks
Owl
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answered on Dec 30, 2016 at 05:41
by   Selina
Which stupid insurance company is this?

Who told you? The 2nd son's family?

Go direct to check with the Insurance company.

In the event of disputes, go lodge a report to Bank Negara.
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answered on Dec 30, 2016 at 14:19
by   vkpc
The nominee/beneficiary is not the owner of the policy, of course cannot change la, stupid.
Only an assignee is the owner of the policy.
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answered on Dec 31, 2016 at 13:57
by   OwlHo
We went to the insurance company with the owner and trustee.  Bt they insist this cannot make it.  The owner only can change the name of trustee but not the beneficiary nominee as they said this is old policy which brought 20 yrs back! 
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answered on Dec 31, 2016 at 17:11
by   PapaGemuk
The owner is alive and in good health?

The owner go personally to Bank Negara Malaysia to seek redress on this issue.

BNM is the regulator of these insurance companies

Go to the Association of Insurers.

A new WILL is of no use at all. If the policy holder is still alive and well and yet cannot change nominees, it goes the same to the WILL.
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answered on Dec 31, 2016 at 18:12
by   OwlHo
Alrite we will go for that.. . Thanks all.. 
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answered on Dec 31, 2016 at 19:14
by   vkpc
If the insurance company feels that the owner is under influence of certain persons to change the beneficiary, they will not allow the change.
This is to protect the owner and the original beneficiaries.
Bank Negara will normally agree with the insurance company.
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