After marriage or register for marriage officially, I believe one of the most important financial action is to name our spouse as the beneficiary or one of the beneficiaries in our financial related documents especially EPF@KWSP (for Malaysian). Thus, recently Dave and me went to EPF@KWSP office to update our beneficiaries details. For Dave, this is the first time he name his EPF@KWSP beneficiaries. For me, I am updating my beneficiaries. Earlier, I discussed with Dave and suggested to him that we add 1 additional name as our beneficiaries, in case anything happen to both of us, there is another trusted person to take care of our EPF savings. So, other than our names, we placed additional one name as our beneficiaries.
I am surprise with the new EPF system. It was fast and prompt. First, we need to get and complete Form KWSP 4 (Borang Penamaan). The form is free of charge and we will have to attached with a photocopy of our IC. When it is our turn, the officer was friendly and prompt as well. After verification, he printed the new update beneficiaries details for us immediately. A few days later, we received the updated information once again through postal mail. It was fast and efficient. I do hope EPF will keep up the good work.
How about you? Have you name your EPF beneficiary/beneficiaries? If there are changes in your life, have you update your EPF beneficiaries? It is wise to act now to ensure that our hard earned money goes to the right person especially our loved ones.