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Your Over 50s Policy and Trusts

If your Over 50s life insurance policy is set up "In Trust" from the start date, the benefits (or cash lump sum) will be paid to the Trustees on your death.

They can then pay the proceeds directly to your nominated beneficiaries. This happens immediately the company are notified of death and have received the relevant claim form and death certificate. By setting up a Trust, the proceeds do not have wait for any grant of probate in order to be paid out to your chosen beneficiary. The pay out is therefore usually quicker, which is very useful if the money is needed for burial or funeral costs.

It is very simple to set up a Trust. You need to consider who you would like to benefit from the money, (the beneficiary), who you would like to act as your Trustee - the person(s) who will receive the money on behalf of your chosen beneficiary. This can be the same as the beneficiary, and then complete the simple Trust form that is provided with your application.

If you would like further details, our administration team will be happy to talk you through how the Trust will work. If you are unsure about the suitability of a trust for your circumstances then you should seek Independent Legal and/or Independent Financial Advice.

Freephone - 0800 018 1702