There are two types of policies: those with beneficiary named in the policy and those without beneficiary named.
The key question to ask is: who do you want to give the policy proceeds to?
For those with beneficiary named in the policy prior to 1st Sept 2009, do you still intend to give the policy proceeds to the person named in the policy? If the answer is YES, indicate your intention in the Will. If the answer is NO, please request your insurance company to change your beneficiary to “ESTATE” and distribute your policy proceeds by way of Will.
If you have named your spouse and/or children as beneficiaries prior to 1st Sept 2009, your policy is known as Section 73 policy. You need the consent from the beneficiaries in order to change your beneficiary to “ESTATE”.
For policies without a beneficiary named in the policy, you can include the policy proceeds in the Will and distribute accordingly.
With effect from 1 Sept 2009, owners of Life policies and Accident & Health policies can nominate their beneficiaries via 49M or 49L nomination. 49M nomination can be revoked whereas 49L nomination has a stricter rule on revocation.