As part of his work contract my husband is provided with life insurance by his employer. We only have limited details of the plan and the main documents are held by the company. How can I make sure I receive the money if anything happens to him rather than the company keeping it? BT, Al Ain
Mrs T’s husband is a member of a group life assurance scheme set up by his employer. This pays out a multiple of his basic salary in the event of his death while employed by this company. As the company set up the policy it is the owner and can pay the death benefit to whomever it sees fit. In most cases, the death benefit is payable to the employee’s dependents, but best advice is that all employees should nominate one or more specific beneficiaries. I recommend that anyone who is a member of a group life scheme asks their employer to provide them with a “nomination of beneficiary” form, which should be readily available from the insurance provider, so that in the event of a claim the situation is clear.
Keren Bobker is an independent financial adviser with Holborn Assets in Dubai, with over 20 years of experience. Contact her at keren@holbornassets.com. Follow her on Twitter at @FinancialUAE
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