Standard Life tells advisers to put protection in trust

The survey of 206 advisers in June reveals 60% of advisers place less than half of their protection business in trust and 10% place nearly all their protection business in trust. Standard Life says claims on policies written in trust are paid within days compared to significantly longer timescales for those outside a trust. In addition, by placing protection policies in trust there is the ability to nominate different beneficiaries from a policy and death benefit is paid outside the client’s estate for inheritance tax (IHT) purposes. Mick James, product marketing manager for protection...