Life Insurance Beneficiary Designations
One of the most important parts of setting up a life insurance plan in Hong Kong is choosing who will benefit from the policy. These are individuals (or an individual) who will receive the death benefit of the plan; these recipients of the policy benefits are known as Beneficiaries.
Under Hong Kong life insurance plans, in order for an individual to be a beneficiary of the policy they must survive the life being insured.
Choosing a Life Insurance Beneficiary
Normally the policyholder will name their beneficiaries in the policy. This can be in the form of a specific person (“my wife”), or can be a class of people (“my siblings” or “my kids”).
A primary beneficiary is named to receive the plan’s death benefit. If a class of people are named as the primary beneficiary the death benefit is split equally amongst the group.
Additionally, the policyholder may name Contingent beneficiaries to the plan who may receive the death benefits in the event that none of the primary beneficiaries survive the life insurance plan.
Many Hong Kong life insurance plans will enable the policyholder to change the plan’s beneficiaries whilst the policy is in force. If this is the case then the beneficiary is called a Revocable Beneficiary. However, alternate plans will make the beneficiary irrevocable, meaning that any change in the beneficiary designation must first be approved by the existing beneficiary.
Free Life Insurance Quotes and Advice
If you would like to receive additional information about designating beneficiaries on Hong Kong life insurance plans, or if you would like to receive a free Life Insurance Quotation, please complete this short form.
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