Life Insurance
Life Insurance
Arranging life assurance cover could be an effective way to ensure your family is taken care of in the event of your death, giving both you and them peace of mind. Life assurance, put simply, is a policy provided by an insurance company that pays your family either a lump sum or a series of smaller sums in the event of your death. There are many factors to consider when choosing a life policy. Please feel free to contact us and we’ll talk you through everything you need to know.
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Who's who?
There are three main parties concerned with a trust. These are as follows:
Usually referred to as the donor or settlor, the ‘plan-holder’ is the individual who has taken out an insurance policy to protect their family and friends should they pass away. It is their responsibility to allocate a trustee and nominate beneficiaries.
As a trustee, you have part ownership of the plan-holder’s policy and therefore have a certain amount of administrative rights. Whilst you cannot personally make any changes to the policy independent of the plan-holder, you may be asked to acknowledge changes they themselves have made. Additionally, it is your role as a trustee to ensure that the terms of the trust are carried out in accordance with the plan-holders wishes, once they have passed away. If you have already been appointed as a trustee and would like to know more about what your role entails, then we’d be happy to talk you through this. Call us today, on 0113 895 0030, where one our advisers will be available to take your call.
The persons who are, or may become, entitled to receive the plan proceeds are called the ‘beneficiaries’. A trustee can also be elected as a beneficiary and discretionary trusts enable changes to be made to beneficiaries if required at a later date.
The Financial Conduct Authority does not regulate taxation and trust advice.
