Let me share our estate planner’s experience, as they are often asked during policy reviews with their clients, “What happens if there is no nomination made in my insurance policy?” I feel it is necessary to explain this in detail.
a. Payment to the Applicant with Legal Documents
If no nomination is made, the insurance company will require the applicant to present one of the following legal documents: a Grant of Probate (GP), Letters of Administration (LA), or a Distribution Order (DO). Usually, the Executor or Administrator of the estate is responsible for providing these documents.
b. Discretionary Payment by the Insurance Company
The insurance company may choose to make a payout without the need for a GP, LA, or DO under certain conditions:
– Claim by Spouse, Child, or Parent: The insurance company may pay the policy funds to the policyholder’s spouse, child, or parent, in that order of priority. If there are multiple individuals within the same category (e.g., several children), the payout will be distributed equally among them.
– No Immediate Family – Payout Under RM100,000: If there are no immediate family members and the policy payout is below RM100,000, the insurance company may distribute the funds to an individual considered eligible, such as someone likely to obtain the Grant of Probate (GP), Letters of Administration (LA), or Distribution Order (DO), or to a person whom the insurance company believes has a beneficial interest in the deceased policy owner’s estate, pursuant to Schedule 10 [Section 130] Paragraph 8 Sub Paragraph (2)(a) of Financial Services Act 2013.
– No Immediate Family – Payout Over RM100,000: If the payout exceeds RM100,000, the insurance company may first release RM100,000 to an eligible person. The remaining balance will be paid out once the GP, LA, or DO is submitted in accordance with Schedule 10 [Section 130] Paragraph 8 Sub Paragraph (2)(b) of Financial Services Act 2013.
After 12 months from the initial payment of RM100,000, if no claims have been made on the remaining policy money by anyone holding a GP, LA, or DO, the insurance company will release the remaining funds to the individual who received the initial payment.
When no nominee is named, the person who receives the insurance payout does so as an executor. They are required to distribute the funds according to the deceased’s will or, if there is no will, according to the applicable distribution laws. This means the individual is temporarily responsible for managing the funds until they can be properly allocated to the legal beneficiaries as dictated by the Will or Distribution Act once the GP or LA is available.
You may make an appointment with our legal advisor here:
https://calendly.com/finex-and-co-legacy-advisory/tea-talk-with-legal-expert
如果我的保险单里没有指定受益人会怎么样？
今天有个资产规划师告诉我说当他们在为客户进行保单审查时，他们经常会被顾客问到一个问题：“如果我的保险单里没有指定受益人会发生什么？
我觉得有必要在这里详细解释一下。
a. 向提供法律文件的申请人付款
如果没有指定受益人，保险公司将会要求申请人提供以下法律文件来申请付款：遗嘱认证书（GP）、遗产管理书（LA）或分配令（DO）。通常，这些法律文件是由遗产的执行人或管理人负责提供这些文件。
b. 保险公司的酌情付款
在某些情况下，保险公司可以选择在不需要 GP、LA 或 DO 的情况下进行付款，但是需要根据以下的条件：
– 配偶、子女或父母的索赔：保险公司可以按照优先顺序将保险金支付给保单持有人的配偶、子女或父母。如果同一类别中有多个人（例如多个子女），保险金的支付将会平均分配给他们。
– 没有直系亲属，赔偿金额低于 RM100,000：根据Schedule 10 [Section 130] Paragraph 8 Sub Paragraph (2)(a) of Financial Services Act 2013，如果没有直系亲属，并且保单赔付金额少于 RM100,000，保险公司可能会将保险金支付给被视为合资格的人，例如有可能获得 GP、LA 或 DO 的人，或者保险公司认为是已故保单持有人遗产的受益人。
– 没有直系亲属，赔偿金额超过 RM100,000：根据Schedule 10 [Section 130] Paragraph 8 Sub Paragraph (2)(b) of Financial Services Act 2013，如果赔偿金额超过 RM100,000，保险公司可以首先向符合资格的人支付 RM100,000。剩下的余额将在提交 GP、LA 或 DO 后才支付。
然而，如果在首次支付 RM100,000 后的 12 个月内，持有GP、LA 或 DO的任何人没有对保单余额提出索赔，保险公司会将保险金剩下的余额支付给收到首次付款的人。
当没有指定受益人时，领取保险金的人是以执行人的身份接收款项的。他们必须根据已故者的遗嘱进行资金分配，或者如果没有遗嘱的情况下，他们需要根据分配法律进行分配。这意味着他们只能暂时负责管理资金，直到 GP 或 LA 获得后可以将资金适当分配给法律受益人为止。
