Q: What is Nomination?
A: The process through which the policy owner names one or more person (“Nominee”) to receive the policy money in the case of a death claim is known as a nomination.
In accordance with Financial Services Act 2013 (“FSA 2013”), in the case of a non-Muslim policy owner, a trust will be created in favour of the nominee under the following circumstances:
- If the nominee is the spouse or child of the policy owner, or
- If the nominee is the policy owner’s parent (provided that there is no living spouse or child at the time of such nomination).
Q: Why is it important to nominate someone?
A: It is to ensure your nominee receive the policy moneys upon your death. If no nomination is made, the proceeds will be paid to the executor of the Grant of Probate or Letters of Administration, which could take years.
It will be beneficial that your loved ones have immediate access to the policy moneys.
Q: How should I submit my nomination?
A: We've made the nomination process more convenient for you by digitising it. We made nomination mandatory during our purchasing process. All you have to do is to fill the nominee details at the nomination screen when you purchase our products. Your nominee/s will be notified accordingly.
Q: Is there anything my nominee needs to do after I have submitted my nomination?
A: If your nominee is a registered DearTime user, he/she will receive our in-app notification after you have completed the nomination.
If your nominee is not a registered DearTime user, he/she will receive our email invitation to download our mobile application and register as a user. Please note that your nominee must register as our user in order to submit a claim.
Q: Who can I nominate?
A: You can nominate anyone you want.
For non-Muslim policy owner, if you nominate your spouse, child, or parents (if no living spouse or child), a trust will be created to ensure they will receive the policy moneys beneficially.
If you nominate any other person or in the case of a Muslim policy owner, your nominee will receive the policy moneys as executor which form part of your estate and subject to your debts.
Q: Can I nominate more than one person?
A: Yes, you can nominate more than one person. The total allocation of all nominees should be 100%.
Q: Can I allocate all my policy moneys to DearTime – Charity Fund?
A: Yes, you can assign a portion or all of your policy moneys to DearTime – Charity Fund. You are required to complete the Assignment Form available in our app.
Q: Where can I find my nomination details?
A: You may view the details of your nomination in our app's "Beneficiary Details" menu or in your policy contract.
Q: I noticed a "status" under my nominee's name; what does that mean?
A: “Status” shows the progress of your nomination, please refer to definition below:
- “Pending” - It signifies that your nominee has yet to register as a user with us, and the nomination is not complete.
- “Registered” – Your nomination is completed.
Q: Can I change my nomination?
A: Yes, you can update or change your nominee any time via our app. However, if your policy is a trust policy, any changes will require the trustee’s consent.
Q: Can I have different nomination for different coverage I had purchase from DearTime?
A: No, your nomination should apply to all coverages.
Q: What if my nominee passes away before me?
A: You can nominate one or more nominees to replace the deceased nominee. If you did not make any replacement of nominee, the portion of the deceased nominee’s policy moneys shall be paid to the remaining nominees in the proportion to their respective shares.
Q: What if my nominees passed away before my claim is paid?
A: If there are more than one nominee, we will pay the remaining nominees in the proportion of their respective shares. If there is no other nominee, we shall pay the claim proceeds to your lawful executor or administrator. If there is no lawful executor or administrator at the time of payment, we shall pay to the spouse, child or parent (in that order) in accordance with Section 6 of the Distribution Act 1958.
In the case of a trust policy, the money goes to the estate of the nominee.
Q: How do I appoint my trustee?
A: We've made the trust appointment process more convenient for you by digitizing it. Once we detected a trust has been made under your nomination, we will display the list of eligible trustees (which is your nominee), you are required to select one trustee or you can appoint another trustee by providing the details of the trustee in particular. Any person who is aged 18 years old and above except the policy owner can be a trustee.
You need to complete the Nomination/Trustee form available in the “Beneficiary Details" menu. Else, your policy will be deemed as no trustee has been appointed.
Q: What happens if no trustee is appointed?
A: Where no trustee is appointed, a competent nominee shall become the trustee. If no nominee is competent, the parent other than the policy owner shall become the trustee. If there is no surviving parent, the Public Trustee or a trust company appointed by the policy owner can become the trustee.
Q: If I nominate my child and my brother or my father, is this consider a trust policy?
A: Your policy will be considered as a partial trust policy. A trust will be created in favour of your child but not your brother or father.
Q: How will it affect me as a policy owner if my insurance is a trust policy?
A: You cannot deal with the policy without the consent of your trustee. Dealing means: Adding a nominee other than your spouse, child, or parent; Revoking a nomination; Varying or cancelling a policy; Assigning or pledging the policy as security.