ABI looks to help lower income families

The idea would allow partial payment dependent on the estate size even if the life policy had not been put in trust. Stephen Haddrill, director general of the ABI, said: "We need a new way of dealing with life insurance payments, which will help to avoid any financial hardship that people can suffer while they are waiting for lengthy legal processes after the death of a loved one to conclude." At present, according to the ABI, it can take months for any payment to be made because in most cases the sum assured becomes part of the individual's estate. This can hit poorer families har...