Intermediary firm Premier has launched Premier Life Trust, a master trust for group life customers which will be compatible with all insurers.
The trust reduces employers obligations to providing member data, expressions of wishes and managing the trust deeds are taken care of.
Canada Life in February 2015 launched a master trust for group life clients through its online administration platform, CLASS.
Similarly Unum provides a Master Trust which is included as part of its group life offering, as does Ellipse, each exclusive to that insurer.
Allyson Gayle, Head of Risk & Healthcare, Premier, said: "Most Death in Service Master Trusts currently on the market restrict cover to a single insurance company.
"Bearing in mind the cost of cover can vary by up to 50%, Premier's Life Trust ensures the best insurance company rate is secured, whilst also carrying out the full management of the Scheme.
"There is a huge gap in the market; numerous schemes are not maintaining the necessary standard of service, and many employers are simply saying ‘take it away from us - please manage the scheme for us'.
"This is the reason we have launched the Premier Life Trust: to take that burden from employers."
