Persona Designata

The Policy must be on his own life

The proposer should be a married, divorced or widowed man. Only his wife and children can be beneficiaries

Each policy will remain a separate trust. when a claim arises, the policy monies will be paid to the trustees according to the policy.

The trustees hold the policy money for the beneficiaries. It should not have been formed to defraud creditors. Two or more trustees can be appointed.

Nomination and assignment are not allowed.

In the case of Mohammed proposers:

• The beneficiaries have to be named as it is 'Persona Designata'
• The name of the wife and children as beneficiaries should be stated in the policy and they must be existing at the time the policy is taken out.
• In circumstances where there are more than two beneficiaries, the proposer needs to mention the respective share for each beneficiary.