Putting your life insurance in trust can help avoid tax and get a claim paid quicker.
A trust is a legal arrangement. It allows the owner of property (or in this case a life insurance policy) to transfer legal ownership of that policy to another person. The original owner of the life insurance policy is known as the settlor. The person receiving the policy is known as the trustee, they hold onto the policy for the benefit of a third party, known as the beneficiary.
Writing a Life Insurance policy in trust may be beneficial for several reasons:
- It makes sure that any money paid from a policy goes to the people specified by the settlor
- An insurance company can normally pay a death claim more quickly
- Money paid from a plan may be free of inheritance tax
If a policy is put into trust, it won’t be included in the settlor’s estate when they die. In most situations there would be no immediate inheritance tax to pay. This isn’t always the case so if you’re unsure about a trust please seek legal advice.
All of our insurance policies may be written in trust at no extra cost. You wouldn’t normally place a mortgage related policy in trust if the specific purpose of the policy was to pay off a mortgage.
Important Information
There can be other reasons for setting up a policy in trust. Before placing your policy in trust you should be sure that it is suitable for your requirements. Moneyworld cannot offer any financial or legal advice. We recommend you seek advice if you are unsure about whether a trust is suitable for you.
How do I place my life insurance policy in trust
You will complete the correct trust form for your requirements. Trust forms from all our insurers can be found on this page. The exact process for each company is described along with the full range of trust forms.
How to write your life insurance in trust
Each insurer has it’s own selection of trust forms and guide’s. Please read the guide and the trust forms for your chosen company. It’s really important you are confident in choosing the correct trust for your needs. If you’re not sure that a trust is suitable for you we strongly recommend you seek legal advice.
AIG
Complete your application online and take a note of the policy reference at the end of the application. Quote this reference in all correspondence. Print your chosen trust form, complete the relevant sections and post it directly to AIG at:
AIG Life Ltd
PO Box 12010
Harlow
CM20 9LG
AIG Trust Guide
AIG Bare Trust (single life)
AIG Bare Trust (joint life)
AIG Discretionary Trust (single life)
AIG Discretionary Trust (joint life)
AIG Expression of Wishes Form
Legal & General
Complete your application online and take a note of the reference number given at the end of the application. Quote this reference in all correspondence. Print your chosen trust form, complete the relevant sections and post it directly to Legal & General at:
Legal & General Assurance Society Ltd
City Park
The Droveway
Hove
BN3 7PY
Legal & General Trust Options
Legal & General Absolute Trust Guide
Legal & General Absolute Trust Form
Legal & General Discretionary Trust Guide
Legal & General Discretionary Trust Form
Legal & General Survivors Discretionary Trust Guide
Legal & General Survivors Discretionary Trust Form
LV=
When you apply with LV= you will complete some basic questions online and then book a time to receive a call from LV= to answer the medical questions. Your trust form should be posted directly to LV= after the telephone medical interview. You will need to quote your policy reference number which will be given to you by LV=.
LV=
Pynes Hill House
Rydon Lane
Exeter
EX2 5SP
LV= Guide to trusts
Fixed Trust Guide
Fixed Trust Form
Flexible Trust Guide
Flexible Trust Form
Split Trust Guide
Split Trust Form
Royal London
Once you have completed your application with Royal London you will be given your plan number. Please quote this number and send your completed trust form to Royal London at:
Royal London
1 Thistle Street
Edinburgh
EH2 1DG
Royal London Gift Trust Bare
Royal London Gift Trust (Joint Life First Event) Bare
Royal London Gift Trust Discretionary
Royal London Gift Trust (Joint Life First Event) Discretionary
Royal London Split Trust Bare
Royal London Split Trust (Joint Life First Event) Bare
Royal London Split Trust Discretionary
Royal London Split Trust (Joint Life First Event) Discretionary
Vitality Life
When you apply with Vitality Life you will complete some basic questions online and then book a time to receive a call from Vitality Life to answer the medical questions. Your trust form should be posted directly to Vitality Life after the telephone medical interview. You will need to quote your policy reference number which will be given to you by Vitality Life.
Vitality Life
Stirling
FK9 4UE
Vitality Life Trust Guide
Vitality Life Discretionary Trust Form
Vitality Life Absolute Trust Form
Vitality Life Deed of Appointment of Additional Trustees
Vitality Life Letter of Wishes
Zurich
Complete your application online and take a note of the reference number given at the end of the application. Quote this reference in all correspondence. Print your chosen trust form, complete the relevant sections and post it directly to Zurich at:
Zurich Assurance Ltd
Tri Centre One
New Bridge Square
Swindon
SN1 1HN
Zurich Absolute Trust Deed
Zurich Discretionary Trust Deed
Zurich Discretionary Survivorship Trust Deed
Zurich Discretionary Split Trust Deed
Zurich Discretionary Split Survivorship Trust Deed