What is a trust nomination of insurance policy moneys?
Under section 49L of the Insurance Act (Cap. 142) (“IA“), a policy owner of a relevant policy who is at least 18 years old may
(a) nominate as the beneficiary or beneficiaries under the relevant policy his spouse, his children, his spouse and children or any of them;
(b) express in the nomination his intention to create a trust of the policy moneys in favour of the nominee or nominees; and
(c) make the nomination, and indicates each nominee’s portion of the policy moneys, in such manner as may be prescribed by the Monetary Authority of Singapore;
and the nomination shall create a trust of the policy moneys in favour of the nominee or nominees. Such a nomination must provide for the disposition of all policy moneys under the relevant policy.
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