Two-fifths of people have never heard of writing a life insurance policy into a trust, however, more than eight in 10 have assets they want to pass on, research by Legal & General has revealed.
The significant lack of awareness surrounding the legal arrangement of writing a life insurance policy into a trust, which allows a person to gift their policy to beneficiaries when they die, has been totalled up as £99.98bn worth of risk for UK customers. Legal & General based the total figures on an average life insurance payout of £39,000 multiplied by the six million policies in the UK. According to Legal & General, 40% of people are unaware of the process, while 82% have policies they would like to pass on and 43% do not have a will in place. "It's certainly tempting to avoid ...
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