My mother is the nominee of my life insurance policy. I now wish to nominate my wife instead. Do I need my mother’s consent to make this change?
Gautam Nayak, Mumbai
No, your mother’s signatures or consent is not required for change of nomination. Nomination basically identifies the person who will receive the policy money if the policyholder dies. The policyholder can revoke or change the existing nomination without the consent of the stated nominee. Further, the nominee receives the policy proceeds on behalf of the legal heirs of the deceased. In case of the nominee’s demise before that of the policyholder, the nomination becomes ineffective and the nominee’s successors or heirs do not have any right to the policy money.
