Debated in Parliament on 12 Nov 2024.
Mr Don Wee asked the Prime Minister and Minister for Finance whether MAS will consider measures that will enable licensed insurers to more promptly identify deceased policyholders and initiate claim payouts in a timely manner, thereby ensuring alignment with insurers' fair dealing obligations.
To help bereaved families make a claim when a loved one passes away, insurers provide guidance on their websites on the claims process and required documents for submission. Additionally, MoneySense and the Life Insurance Association Singapore websites offer resources on estate planning and post-death administrative matters.
In cases where claimants may not come forward in a timely manner or at all, insurers do take proactive steps to identify potential death claims. These include scanning obituaries in mainstream media and engaging intermediaries who service the relevant policies, for information of insured persons who may have recently passed on. Efforts are then made to contact the next-of-kin, for them to initiate the claim submission process.
It is a good practice to keep one's family and loved ones informed of any insurance arrangements made. Updating insurers on changes to the contact information of one's beneficiaries/next-of-kin is also important. Relevant forms are available on the insurer's website, or upon request via the financial representative and at the insurer's customer service centre. These steps can help smoothen the claims process during the challenging period upon the passing of a loved one.
PAPERCUTS