Nominating a Beneficiary for Your Funeral Insurance: A Guide by Momentum Life NZ
Published on Tue Jan 21 2025 in Money
Funeral insurance offers peace of mind, ensuring your loved ones are financially supported during a difficult time. A key step in setting up your policy is nominating a beneficiary—the person who will receive the payout. At Momentum Life, we make the process simple and straightforward, giving you one less thing to worry about.
Here’s what you need to know about selecting and nominating a beneficiary for your Momentum Life Funeral Insurance.
What is a Beneficiary?
A beneficiary is the individual (like a family member or friend) you choose to receive the funeral insurance payout. This payment is typically used to cover funeral costs, unpaid bills, or provide financial support for loved ones.
Tips for Choosing the Right Beneficiary
Selecting a beneficiary is a personal decision, but these tips can help guide you:
1. Consider your loved ones: Most people nominate their spouse, children, or other close family members. Think about who will likely handle your funeral arrangements or need financial support.
2. Discuss with your family: It’s a good idea to talk to your intended beneficiary to ensure they’re comfortable with their role.
3. Be specific: Clearly name your beneficiary in your policy to avoid confusion or disputes.
4. Think about future changes: Life events like marriage, divorce, or the birth of a child may influence your choice. Review and update your beneficiary if your circumstances change.
The Process of Nominating a Beneficiary with Momentum Life
Momentum Life’s funeral insurance is designed to be simple and accessible for New Zealanders aged 40-75. Here’s how you can nominate a beneficiary:
1. During application: When purchasing your policy online, you’ll be prompted to provide your beneficiary’s details, including their full name, date of birth, and relationship to you.
2. Updating your beneficiary: Life happens, and we understand that your choice of beneficiary may change over time. Updating your beneficiary is straightforward—just contact Momentum Life’s customer service team to make the change.
3. Documentation: Ensure your beneficiary’s contact information is current and accurate. This will make the claims process smoother for them when the time comes.
4. Confirmation: Once you’ve nominated or updated your beneficiary, Momentum Life will confirm the details with you for accuracy and peace of mind.
Why It’s Important to Nominate a Beneficiary
Failing to nominate a beneficiary can complicate matters for your family. If no beneficiary is named, the payout may be delayed as it could become part of your estate, requiring additional legal processes.
By nominating a beneficiary, you ensure:
• The payout reaches the right person quickly.
• Your family avoids unnecessary stress or delays.
• Funds are available promptly for funeral expenses or other needs.
Final Thoughts
Nominating a beneficiary for your funeral insurance is a vital step in protecting your loved ones and ensuring your wishes are honoured. At Momentum Life, we’re here to support you every step of the way with a simple and transparent process.
If you’re ready to purchase funeral insurance or need help updating your beneficiary details, don’t hesitate to contact Momentum Life. Let us help you take one step closer to peace of mind.
Contact Momentum Life
• 📞 0800 111 679
• 📧 customercare@momentumlife.co.nz
• 🌐 https://www.momentumlife.co.nz/Buy
Your future is worth protecting. Let’s make it easy, together.
The content provided in this article is for information purposes only. The information is of a general nature and does not constitute financial advice or other professional advice. To the extent that any of the content constitutes financial advice, it is limited to Momentum Life products only and does not consider your specific financial needs or goals. You should consider whether the information is appropriate for you and seek independent professional advice, if required.
All product information is correct at the time this article was published. For current product information, please visit the Momentum Life website.