Available from 6th August 2018
FOR NEW APPLICATIONS ONLY
Trusts can also ensure your customer’s partner receives the money they need to live on. For example, if your customer didn’t have a Trust and they weren’t married or hadn’t made a will, their surviving partner may not be legally entitled to the policy proceeds. So it’s a great way to protect the people who are important to them.
For Personal and Relevant Life Plan Trusts, these are the people who are to receive the money from the Trust fund. This could be a spouse, registered civil partner or children for example.
As for Share Protection Trusts, the beneficiaries will be the other business owners.
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Reason for cover
Available for Single/Joint plans?
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|Flexible||Personal||Yes||Yes||Single life policy only ||Your customer names default beneficiaries who are first in-line to receive the benefit. The trustees can also use their discretion.|
|Discretionary||Personal||Yes||Yes||Single life policy only ||The Trustees have discretion over who will receive the benefit, but specific guidance can be provided in a letter of wishes.|
|Survivors||Personal||Joint life policy |
|Yes||Yes||The surviving life insured will automatically receive the benefit (if they survive the first to die by 30 days).|
|Relevant Life Plan||Relevant Life Plan||Single life policy only||Yes||Yes||Your customer names default beneficiaries who are first in-line to receive the benefit. The trustees can also use their discretion.|
|Business Protection|| Share Protection |
|Single life policy only||Yes||Yes||The co-business owners.|
|Absolute||Personal||Yes||No||No||Your customer names the beneficiary at the outset and it cannot be changed. |
Our claims team are specially trained by the Samaritans, so you know that your customers’ trustees will speak to someone who understands that this may be a difficult time. They’ll also make every effort to pay a claim quickly.
This website is designed to give professional financial advisers information and tools that they can use to help control and develop their business and should not be relied upon by private investors or any other persons.