Beneficiary for Proceeds. If the policyholder is a natural person and the only life assured, you may nominate a Beneficiary for Proceeds. This person will receive payment of the proceeds from the policy after your death. Proceeds will be shared equally between those persons nominated unless you specify otherwise. It is important to keep your nominations up-to-date. To change your nomination you must complete and sign (electronically or otherwise if required) a Beneficiary Nomination Form. This form should be received by us while you are still alive, as the Insurer is not obliged to accept a Beneficiary Nomination Form after your death. If you ceded the policy as security, the rights of the person to whom the policy has been ceded takes preference over the rights of beneficiaries, but only if the security cession was recorded in the Insurer’s records.
Beneficiary for Proceeds. A party nominated by the you to receive a benefit from your Policy in the event of the death of the last Life Assured.
