A really important step when taking out any kind of insurance is deciding on the people who will benefit when the insurance pays out. These people are called beneficiaries.

At different stages in your life you may choose different beneficiaries to benefit from your insurance policies. Typically when you have a family your dependents (normally your spouse, children and other family members) are the beneficiaries of any funeral, life or insurance policies you may have. If you want to change your beneficiaries you will need to supply their personal information (like ID numbers) to the insurance company.

It is your responsibility to ensure that your listed beneficiaries are up to date and that all their correct contact details are recorded with the insurance company.

If you don’t keep your beneficiary contact details updated it means that if there is a pay out to be made the provider won’t be able to contact your dependents and they may be left without financial support.