Only 1% of life insurance policies are put into trust*
A trust is an arrangement which allows the proceeds of a life insurance policy to go straight to your chosen individuals in the event of your death which mean right money, right hands, right time.
There are 4 main benefits to putting a policy into trust:
• Probate – Probate can take several months which may cause financial hardship for your family. By putting a policy into trust, it avoids probate and the plan proceeds can be paid out within 7 days.
• Inheritance Tax (IHT) – By putting a policy into trust, the sum assured remains outside of your estate and avoids the potential 40% inheritance tax.
• Beneficiaries – These are the people you wish to benefit from the plan proceeds in the event of your death. Naming these individuals within the trust means the money will go directly to them. You can amend the chosen beneficiaries at any point within the term of the policy.
• Free – There is absolutely no cost involved in putting a policy into trust.