Online process removes need for written signatures and allows advisers to set up trust as part of protection application
VitalityLife has today launched a new online solution aimed at making it quicker and easier for advisers to place protection plans in trust.
The online process eliminates the need for written signatures and allows advisers to set up a trust as part of the protection application using VitalityLife's Adviser Hub self-service portal. The solution is available for all new personal and business protection plans.
Placing a protection plan in trust ensures that the plan will not be subject to Inheritance Tax (IHT), as part of the settlor's taxable estate. In addition, it ensures that the plan proceeds are paid directly to the trustees, meaning faster payment of the benefits to the beneficiaries.
Sally Burrowes, director of legal at VitalityLife said: "It can be hard for advisers to demonstrate the benefits of placing protection plans in trust, often because of the time-consuming nature of the process. Our new signature-free online solution means it will be quicker and easier for advisers to place plans in trust, further supporting our aim to ensure members have the most comprehensive protection possible."
Francis Gill, director at Humboldt Financial said: "Ensuring life cover ends up in trust is a key element of financial planning. By making the process as smooth as Vitality have now done, our clients can easily ensure that their loved ones quickly and easily receive the life cover payout."
35 regulated firms in default
Following Albany Park partnership
Sharing sensitive health data
Plus agrees five-year partnership
Gold, silver and gold ratings