Ellipse has created a new online nomination of beneficiary facility for members of registered group life schemes enabling employers to set up and run group life cover.
Members will be able to record their expressions of wish to assist scheme trustees exercising their discretion on payment of benefits in the event of their death.
John Ritchie, CEO of Ellipse (pictured) said: "This whole process is frequently neglected by sponsoring employers. Often there is no nomination of beneficiary form or it's out of date. That can slow down delivery of the sum assured to the family."
Members register online and complete an e-form, which is then secured in their individual password-protected account.
Nominations can be updated online at any time. Ellipse will email members annually to suggest they review their nominations in case their family circumstances have changed.
Ritchie added:"Our new online facility means employers can rely on us to get as many employees as possible making their nominations. Sending annual reminders to employees to review their nominations will also remind them of the benefit their employer is providing - something all too often taken for granted or even forgotten completely."
The nomination of beneficiary facility is available at the client's and adviser's option when their cover starts.
Existing policyholders will be offered access to it at their policies' next review dates. Members' online nominations will be accessed by Ellipse only in the event of their death to pass on to the trustees.
Otherwise, only scheme members will have access to their own nominations.
Ritchie concluded: "Taken alongside our established Master Trust and existing online servicing, this new facility gives employers a complete package to set up and run their group life cover with the minimum of fuss."
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