Important information if your life insurance policy is in trust
When putting your life insurance policy in trust it’s important to appoint more than just yourself as a trustee so that payments to the intended beneficiaries aren’t delayed. Check to make sure you’re not the only named trustee, if you’re not sure if you’ve already appointed additional trustees, you can call us and we’ll let you know. Call 0800 032 0947 for ‘Protection For Life’ policies, or 0345 030 6240 for ‘Scottish Widows Protect’ policies.
It’s essential that where your policy is set up in trust you appoint additional trustees:
If, as the policy owner, you’re the only appointed trustee and don’t do anything to change this and a claim is made on your policy, a personal representative would need to be appointed before funds could be released - which means:
It’s really easy to appoint an additional trustee if you’re the only trustee, all you need to do is:
Once you’ve appointed an additional trustee(s) they will be entitled to receive policy information, like missed premium reminder letters. If there are any changes to the trust, such as change of beneficiaries or trustees, we’ll require their signatures to make the change. Also if you wanted to cancel the policy we’d need signatures from all the trustee(s) as policy owners.
If you’ve any further questions you can send us a query or call us directly on the numbers above.