When discussing Life Insurance or any lump sum type cover, one of the major considerations needs to be who the benefit will be paid to.

Most people simply write their partner or child along with the relevant percentage they wish to nominate. What many are unaware of, is that your beneficiary could potentially wear a large tax bill for your nomination.

The rules of beneficiary nomination are simple:

A dependant includes another person who is or was the spouse of the person; and any child of the person, being a child who has not over the age of 18.

A good resource that goes in depth with additional questions is Aussie Legal HERE.

Be sure to ask one of our advisers who are experts in answering all of your insurance related questions on 1800 989 657 or complete the form below.