4 reasons why you should make a revocable nomination (Form 4)

Reason 1)
If no nomination is made, only $150,000 can be paid out. Any amounts in excess of $150,000 will be paid out to your estate, which usually requires legal fees to distribute.

Reason 2)
Some insurance companies will only pay out to the person who is closest to the insured, such as the spouse. This process is also very slow because an insurance company has to make sure that they are paying to the right person.


Reason 3)
A revocable nomination allows you to pay to anyone in split percentages. Eg, 25% to mother, 25% to father, 25% to spouse, 10% to son, 10% to daughter and 5% to a charity organization.

Reason 4)
A revocable nomination can be amended any time, as many times as you want, without any costs.