What is a beneficiary in an international life insurance policy?

A beneficiary is the person, or people, you nominate to receive the protection benefit from your international life insurance policy when you die. Naming your beneficiaries is one of the most important steps in setting up a policy, as it determines who receives the financial protection you have put in place and how quickly they can access it.

Two classes of beneficiary can be appointed under an Expatriate Group Term Assurance policy: primary and secondary.

If no beneficiary has been appointed, or none is alive at the time of death, the policyholder or the policyholder’s estate becomes the beneficiary.

Beneficiary appointments must be submitted using the Beneficiary Designation Form. Where the policy is held in joint names, any beneficiary appointment or revocation must be signed by all joint policyholders.

You can change or revoke your beneficiary nomination at any time before the life assured dies and appointing a beneficiary does not affect your ability as policyholder to assign or otherwise manage the policy.

Without a beneficiary nomination, the payout may fall into the policyholder’s estate on death and become subject to probate proceedings, which vary significantly between countries. For expats with family members based across different countries, naming beneficiaries directly on the policy is the most straightforward way to ensure the sum assured reaches the right people quickly.

Reviewing your nominations after major life events, such as marriage, divorce, the birth of a child, or the death of a previously named beneficiary, keeps your policy aligned with your current wishes.

Get a quote for international life insurance or contact our team to discuss your options.