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Trust

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When taking a Life or Critical Illness insurance, it may be relevant to place your policy in trust. Individual Insurance policies should be written in Trust because the claim would be paid out more quickly and could have significant tax implications on whoever you want to benefit from the Insurance.  

In addition, the money paid out would not normally be included in your estate for inheritance tax purposes, and the money will be given to those you wish to receive it.

By placing your Individual Insurance policy in Trust, you may prevent up to 40% of the proceeds being taxed – therefore, making it hugely important to get financial advice from our Insurance consultants on how this could affect you.