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13 Aug 2020

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Trusts can ensure the right people benefit from a life insurance policy

Consumers have been advised to put their life insurance policy in a trust if they want to ensure that the right people benefit from the pay out in the event of death.

According to lovemoney.com, life insurance policies that are not written in trust automatically become part of individuals' estates, which means that they are subject to inheritance tax.

In addition to the exemption, placing a policy in a trust also means that any dependants or beneficiaries will receive the payout faster, which will ensure their lifestyles are not disrupted.

Highlight the fact that getting the right amount of cover can be tricky, the website advised consumers to consider factors such as debts or household expenses before settling on a figure.

It is wise to obtain cover that extends throughout a mortgage term if in possession of one to ensure "beneficiaries won't be turfed out of your home when you die" as well as having enough to cover dependants until they are through with their schooling.

Recent research from protection specialist Bright Grey revealed that more than seven million British parents do not have adequate financial protection to provide for their dependants if they die.

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Trusts can ensure right people benefit from life insurance policy - Life Insurance Advice