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Writing a life insurance policy in trust

We all like to feel that we’re doing all we can to protect our family and to provide for their future, and that includes taking out life insurance policies that will help to cope financially when we’re gone. If you’ve worked hard all your life, you’ll want to know that your efforts won’t have gone to waste.

 

Given the fact that you can choose from various types of life insurance that are available these days, how can you know that you’re choosing the right ones? This is where help from the Insured Right team can be crucial; we know the market, we know the products and we know the plus and minus points of each of them.

 

One of the more intriguing options is to put a life insurance policy in trust. This is a scenario that will be perfect for some and not particularly suitable for others, so as always it makes sense to seek helpful, reliable guidance. If you would like to find out more, call our specialists and we’ll be only too happy to answer your questions.

 

There are advantages to life insurance policies which are written in trust. One of the most impressive is that in some cases it can help to sidestep inheritance tax. This is particularly relevant if you have a large estate, which of course would be included in the inheritance tax calculations. A policy in trust would simply pay out to the beneficiaries via your appointed trustee.

Avoiding probate with a policy in trust

Another important advantage is that such a policy wouldn’t have to go through probate before being paid out. Such a process can take a great deal of time, so it’s reassuring to know that a pay-out that could be desperately needed won’t have to wait. When thinking about estate planning, this could prove to be vital.

 

If you have young children and would prefer them to receive a lump sum pay-out when they reach the ages of 18 or 21, for example, it can be specified in the policy. The peace of mind that comes from having a life insurance policy in trust can be so important, because it allows you to emphasise where the money goes and to whom. It can be reassuring to know that the financial stability that you worked so hard for can still be available to your family when you’re gone.

 

Here at Insured Right, we provide crucial guidance, reliable advice and access to a comprehensive range of insurance products. Our mission is to provide you with a policy that fits perfectly with your needs and your budget, so please get in touch soon to see what we can do for you.

 

We’re available right now on 01382 279 087, and we look forward to having a free, no obligation chat with you.

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