You require your insurance to be "written into trust" I believe this means your trustee cannot make any claim on the payout should the worst happen. It would be paid to whoever you identify....I think! I was given the name of a company and a policy was set up with Zurich however I contacted the "middleman" company at the beginning of the week as I have not had any contact to discuss the trust fund itself. The money should be paid out to my son who is only 3 at present if the worse happened to me and/or my partner as well as the mortgage being paid, I had to identify 2 people who would manage this in his best interest however this is the stage I am yet to deal with. Hope this all makes sense!

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Originally posted by prenticebaby

You require your insurance to be "written into trust" I believe this means your trustee cannot make any claim on the payout should the worst happen. It would be paid to whoever you identify....I think! I was given the name of a company and a policy was set up with Zurich however I contacted the "middleman" company at the beginning of the week as I have not had any contact to discuss the trust fund itself. The money should be paid out to my son who is only 3 at present if the worse happened to me and/or my partner as well as the mortgage being paid, I had to identify 2 people who would manage this in his best interest however this is the stage I am yet to deal with. Hope this all makes sense!

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Thanks for clarifying that for me and good luke sorting yours out.

Not sure if I can mention names or recommend.

We had changed to new policies 'in trust' with each other as trustees so if either of us 'depart' unexpectedly, the other will be paid the funds before the legal 'winding up' is done. Our broker called us to suggest it and we'd never been aware before that the funds from our existing policy would be a long time after death before being paid.

We called him recently as we are weighing up options and bankruptcy is a real possibility. He said this is what he would have advised anyway as it's not payble to anyone but the trustee-for the policy that is. Whilst on the phone he did also point out we might want to switch to having our kids as trustees since we'd want them to be ok if we both went over the same cliff at the same time.

The policy 'in trust' is with Zurich. The broker Im happy to recommend if it's allowed?

Hi all.

We need to be a bit careful on this thread. Advising on insurance is a regulated area.

Many people will find that their Trustee will have first call on their life insurance payout if the worst happened.

There may be a way to set up a policy so this does not happen.

We would suggest people take their own independent financial advice on this subject so they are happy that their life insurance will fulfill the function it was intended for.

Is the advice from someone your Trustee has asked to contact you "independent"? It might be, it might not.

Hi sunflower1

Trustees selling insurance. Whatever next? I might take along my double glazed windows brochure to my next meeting!

I think Trust Deed Assistant is correct, you should get independent advice on this.

Mark