What is the beneficiary in an insurance policy?
The beneficiary is the individual designated to receive the insurance coverage benefit in the event of your death.
Why is it important to choose a beneficiary?
Selecting a beneficiary is crucial as it ensures that your insurance benefits are directed to the chosen recipient, thereby avoiding legal complications and delays. It provides financial security for your loved ones and alleviates their stress during a challenging time by clearly stating your intentions. This arrangement allows your family to access the necessary support without additional difficulties.
If I die from natural or accidental causes, who will receive the claim payout?
The claim benefit will be disbursed to your named beneficiary in your policy.