Definition
A beneficiary is the person or entity (often a spouse, child, or your estate) you nominate to receive the death benefit. NZ life policies usually pay either to a nominated beneficiary or to the estate, depending on the policy form and any binding nomination. Update beneficiary details after major life events (marriage, divorce, new child, separation).
See also
- Death benefit — The lump sum paid by a life policy when the insured dies (subject to wording and exclusions).
Not personalised financial advice. Definitions are editorial framings of how the term is used across NZ life cover. Your specific policy wording is the authoritative source.