What Happens to Term Insurance If the Nominee Dies

Canadian Lic13 Nov, 2024Finance

If the nominee of a Term Life Insurance Plan in Canada passes away before the policyholder, the policyholder must update their beneficiary designation. In this case, Term Life Insurance Brokers recommend promptly choosing a new nominee to ensure the policy benefits go to the intended recipient. Updating the nominee can typically be done through a simple form with the insurer. Checking Term Life Insurance Quotes and options with brokers can also help in understanding how beneficiary rules work across policies, ensuring smooth processing when it’s most needed.