3rd November 2022

Cura: Practical Protection Podcast - S6 Ep5 Trusts (50 mins)

Hi everyone. Did you enjoy the previous episode of the Practical Protection Podcast? Matt Rann joined me to talk about high cholesterol and access to insurance. If you missed it, you can catch up on the Practical Protection Podcast website.

For this episode I am joined by Roy, and Ruth Gilbert. Ruth is seen as an expert when it comes to Trusts, which is why we thought it would be so beneficial to have her with us to explain why they are so important. 

Having a Trust in place has a number of benefits, one being that it will make the process much quicker for the Trustees if your policy was to be claimed on. This is because they shouldn't have to wait for probate. They also make sure the money from your policy goes to the intended people, and it's thought that 1 in 3 people are risking their insurance payout without a Trust, if they are not married.

Trusts can be quite complicated, which is why Ruth explains some of the jargon around Trusts, and explains the different types of Trusts that might be available. Ruth also talks about the Payout Planners which can be used with some insurers.

The new consumer duty principle might put emphasis on the number of policies going into Trust, and really it should be a joint effort from insurers and advisers to help this number increase.

Listen to the episode here: https://practical-protection.co.uk/trusts/