Can I name my kids as beneficiaries?
When you take out a policy with us, you’ll need to tell us who the beneficiary for each product is – that is, who should get the cash if you die ⚰️.
Many people take out life insurance to protect their kids 🧒🏽, and you can name your children as your beneficiaries no matter how young they are (we’ll just need their full name and ID number). The problem comes in when it’s time for us to pay out. According to South African law, we can’t pay out a claim to your children if they’re under 18.
If you’ve started a trust for them, we’ll pay the money 💰into that, and if you haven’t, the High Court ⚖️might set one up for your children. It’s usually recommended that you take the trouble to set one up yourself, though. If you’re worried about how your kids will get your life insurance payout, you should speak to a registered financial advisor about what’s best for your situation. If you don’t have access to one, contact us and we'll put you in touch with a registered advisor.