Insurance policies and EPF are governed under separate rules.
With regards to insurance policies, a Will cannot revoke a nomination as per Schedule 10 Section 130 Paragraph 3(2) of the Financial Services Act 2013 (which was previously governed by the Insurance Act 1996). This means that if you have stated in your Will that you would like your insurance policies to be distributed to someone other than those you have nominated in your policy, it will not take effect. If the nominee in your insurance policy is your spouse, child, or parent (if you have no spouse or child at the time the nomination was made) under s.130 paragraph 5(1) of the Financial Services Act 2013 then the nominee will enjoy the insurance money absolutely.
However, if the nominee is other than those mentioned above (i.e. not a spouse, child or parent), under s.130 paragraph 6 of the Financial Services Act 2013 the nominee shall be the executor of the monies and has a duty to distribute the insurance money according to the Will, or if there is no Will according to the Distribution Act 1958 (Amended in 1997).
As for EPF, the proviso in Regulation 7(2) if the Employees Provident Fund Regulations 2001 states that a nomination cannot be revoked by any Will or by any other act, event or means. Therefore, your EPF will be distributed in accordance to the nomination(s) you have made upon registering for the EPF. In a situation where no nomination was given, under Regulation 8, upon death of the EPF member, the Board shall pay any amount standing to the applicant who produces the Grant of Probate, or Letter of Administration, or Distribution Order accompanied with Form EPF 9(AHL), subject to certain conditions