Aegon has launched a free online tool designed to help advisers identify which of their clients’ mortgage and family protection policies should be placed in trust.
The life and pensions provider says too few protection policies are written in trust, leaving people exposed to “unnecessary and avoidable” risks. It says the trust analyser tool will allow advisers to consider the advantages and disadvantages of a trust for individual clients.
Aegon tax and trust manager Elaine Cruickshank (pictured) says the “vast majority” of protection policies should be written in trust. She says: “For too long, trusts have been considered complex and daunting. We want to demystify the whole process. Trusts can be very straightforward.”
Aegon says a range of legal problems and delays can arise when claiming on a life insurance policy which has not been written into trust.