Limitations of Insurance Nomination

No Substitute Nominees

• You cannot appoint substitute nominee
• Only joint nominees are allowed

Pop Quiz --> If your nominee(s) dies before you, what happens to your nomination?

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Limitations of Insurance Nomination

Minor Children Nominees

Questions for your consideration :-

1. How to safeguard the proceeds for the minor beneficiary if parent is financially irresponsible?
2. What happens if parent receives the money but later passes away or is declared a bankrupt?
3. Will Amanah Raya Berhad distribute the money for the minor children's maintenance? If yes, how fast?

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