Important Notice
1. For a 2-party policy (i.e. Policy owner is also the life insured), any beneficiary can be designed.
2. For a 3-party policy (i.e. Policy owner is not the life insured), any beneficiary can be designed provided that the policy owner and the life insured have insurable interest. However, a policy owner’s estate cannot be designed as a beneficiary.
3. Under situation where the policy owner does not name the person(s) to whom the death proceeds is/are to be paid, please refer to the following table for appropriate wordings stated for 2-party and 3-party cases
| Wordings for Beneficiary Section | 3-third policy
(insured NOT the same as owner) |
2-party policy
(insured same as owner) |
| Estate of life insured insured/Life insured’s estate | Allow | Allow |
| Estate of owner/
Owner’s estate |
Not allow | Not Applicable
(should state "Estate of life insured/Life insured’s estate) |
| Owner | Allow | Not allow |
| Life insured | Not allow | Not allow |
| Executor of life insured’s estate | Not allow | Allow |
| Administrator of life insured’s estate | Not allow | Allow |
4. Beneficiary designation on Hospital Protector (HP) is not allowed
5. The application should be submitted within 15 calendar days (including the public holidays) to SOD after client's signature date. (Updated: 29 March 2016)
Checklist
1. Application for Change in Policy (Form T02) ([A1])
2. Deed of Assignment /Release of Assignment Form (Form T07)
if from a 3-party policy to 2-party policy
3. CS eform
Minor Beneficiary
1. If the beneficiary is under 18, he/she is a minor who does not have legal capacity
2. Policy owner is advised to name a trustee during the child's minority (i.e. before the child reaches 18). Otherwise, payment of death proceeds will be complicated
3. If client wished to appoint spouse as trustee, it is advisable to get an alternate trustee for the child
e.g."Chan Tai Man, son"
(Payment to be made to my wife, Betty Choi, if living otherwise to my sister, Helen Chan, in trust for my said son during his minority)
4. If the secondary beneficiary is a minor, the trustee for the minor must not be a primary beneficiary. It is because by the time the minor (as secondary beneficiary) becomes eligible for the death proceeds, the trustee, being a primary beneficiary, must have predeceased the minor.
Manulife Customer Hotline: 21081188 / 25103941