The answer is Yes!
This is because if there's no nomination or Will is made, the insurance company may pay up to $150,000 of the policy proceed to any person who is considered as a "proper claimant".
Who is "proper claimant"? They can be any of the deceased's parent, child, brother, sister, nephew, niece, widower or widow.
So, if you have not done your Nomination, please contact your Financial Consultant for it. It's simply filling up of forms and it's FREE.
You might also be interested to check with your Financial Consultant about "Will" & "LPA" where one takes care of your welfare when you are no longer around and the other when should you loose your mental capacity one day.
You can download the latest "Your Guide to the Nomination of Insurance Nominees" from the LIA website here:
http://www.lia.org.sg/node/93
While you are at it, you can also check the unclaimed insurance proceeds here:
http://www.lia.org.sg/consumers/unclaimed-proceeds/list
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