Nomination is the process of selecting the beneficiary or beneficiaries who will receive the benefits in the event of the policyholder's demise.
The purpose of having a life insurance policy is to safeguard the interests of your loved ones where they are protected financially should anything happen to you. If you do not make a nomination in your insurance policy, your insurance policy is not obligated to release the policy money until your loved ones obtain a Grant of Probate or Letter of Administration or Distribution Order, which may take several years.
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