It’s a good idea to take out life insurance, but don’t forget to make sure the proceeds of any payout will go to those you want to benefit.

Too often, policies are set up incorrectly and may mean that your loved ones miss out. 


Unmarried partners would not be able to claim money that was intended for them if the insured person dies without having left a Will.

This means that the life policy proceeds would be payable according to the rules of intestacy and could pay out to a next of kin, rather than to a partner.


There is a simple solution – to write the policy ‘in trust’. This allows the life insured to nominate their beneficiaries, which could be their partner.

Trusts are easy to arrange and are normally set up at the point of application, although they can also be set up at a later date.

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