Your policy comes with the added benefit of letting you nominate a beneficiary or beneficiaries. This means that a pay out of up to £5,000 could be made directly to your loved ones. Any money left over will go to your estate. The total amount paid out normally counts as part of your estate and may be subject to Inheritance Tax.
Only friendly societies like Engage Mutual are able to offer this benefit. It enables up to £5,000 of your cash lump sum to be paid out with a minimum of formality.
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The maximum sum which can be nominated under the Friendly Societies Act 1992 is £5,000. This is an overall maximum and not a maximum per policy or per nominated beneficiary.
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If you have nominated your spouse and get divorced the nomination remains in place and does not automatically carry forward to your new spouse.
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On marriage or remarriage any existing nomination is revoked. In this event you should inform Engage Mutual and make a new nomination(s).
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Please make sure that you read the Policy Summary.
