Unum creates Group Life master trust

The changes to Unum's policy is effective as of 5 July 2010. Previously, companies would have to set up their own discretionary trust - the only way for the claims to be paid tax-free - which can be expensive, requires ongoing maintenance and is usually time consuming. By removing the requirement for firms to manage this process themselves, Unum says it is helping to remove business costs. It hopes this will encourage firms considering offering group life cover, particularly SMEs wanting to provide financial protection benefits, such as life cover, in a cost effective way. Helen...