Who is the beneficiary of my policy?

Beneficiaries are people or entities who will receive your payout when you pass on. A beneficiary can be a natural person, a trust, or an institution. You will nominate your chosen beneficiaries as part of the sign-up process.

Can I split the payout between multiple beneficiaries?

If you have chosen more than one beneficiary, it is important to specify the exact % of the portion of the payout that should go to each beneficiary. 

So, let's say you've listed two family members as your beneficiaries. You can decide to split the payout as you wish: for example, 50% for each family member; 70% for one member / 30% for the other etc. Be sure to nominate your beneficiaries and select the amounts you'd like them to receive when you apply: if you don't, your payout will form part of your estate.

How many beneficiaries may I appoint?
You can nominate up to 5 beneficiaries.

What if my nominated beneficiaries are under 18 years?
You can definitely nominate children as beneficiaries, but legally, we can't pay claims directly to them if they are under 18 years old. We can pay into a trust that you may have set up for them, alternatively, the payout will go to your estate. Contact a registered financial advisor for financial advice regarding what would be best for your personal financial situation. A lawyer (or your bank) would also be able to assist with setting up a trust for minor beneficiaries.

Can I change or add new beneficiaries?
While we ask you to choose your beneficiaries during the onboarding process, if, at a later stage you decide to remove, add or change beneficiaries, you can do so via the EasyEquities app. 

Ensure you have correctly captured the beneficiary’s full name, date of birth, and contact details. Once we’re notified of the new beneficiary details, we'll send you an updated policy schedule for you to review. It is your responsibility to confirm that all the information provided in the updated policy schedule is correct. While mistakes can happen, in this case, they could cause delays such as not being able to pay your beneficiaries at all.