I am 43 years old and have a pet African macaw (a parrot). They have a lifespan of over 50 years in the wild. It is currently 5 years old. Is it possible to make that parrot a beneficiary of my life insurance policy? Or should I go about setting some money apart for it in my Will, in case I am no longer able to take care of it?
—Shashank Ujjwal
You can nominate only a relative or a friend for your life insurance policies. It is not possible to make your pet a nominee in a life insurance policy. However, you can assign your policy to a Trust. This Trust could be entrusted with the welfare of the pet. You could also entrust your nominee to take care of the macaw, but that needs to be enforced separately through a Will.
