What happens if my beneficiary is still a minor when I pass away?

In the event of a claim being paid out to a minor beneficiary the following will apply:

• The claim will be paid into a trust, set up in the name of the minor beneficiary.
• The responsibility for setting up the trust lies with the family of the beneficiary.
(This process may take some time, thus it is advisable that the life assured sets up this trust when nominating minor beneficiaries)
• The trust will then specify how and when the money will be transferred to the beneficiary.
• If a trust has not been set up, the unpaid benefits will remain in 1Life’s bank account until the relevant trusts have been set up.

1Lifedirect will always aim to act in the best interest of the minor beneficiary while staying true to the life assured’s request.

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