Buying insurance? Here's why filing accurate nominee info is a must
The author, Deepak Yohannan, is the CEO of MyInsuranceClub.com, an online insurance price & features comparison portal. For more articles by Yohannan, visit MyInsuranceClub.com. You may write to the author at Deepak@myinsuranceclub.com
Death catches even the most prepared of us off-guard. Indeed, there is no escaping the eventuality of death. Earning members of families, however, must provide for their near and dear ones in the event of their passing. And life insurance policies help you do just that.
A disciplined savings regimen over several years is all it takes to ensure that your dependents do not want for money or the basic comforts once you are no more.
Year after year, you pay regular insurance premiums – never a delay, never a missed payment. You keep all the papers in place, where your loved ones have easy access to them. Everything is in order, so that in the event of your passing, your family will not have to stress about receiving payment from your insurer. After all, they should not have to run around doing paperwork while they grieve for you.
That is why it is so important to file nominee details accurately. This helps ensure that your family members receive the insurance payout in a timely and hassle-free manner. A single error could lead to payment delays and mental stress regarding the insurance amount. This is more prevalent in cases of NRIs and HNIs, because most nominees are not even aware of the assets in their names. In such cases it is even more important to file correct details.