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Scottish Provident in multi-benefit deal on split trust

Scottish Provident is introducing a split trust which allows part of the benefits within a life policy to be held under trust while the remainder is paid out to the policyholder.

The trust is available through ScotProv&#39s Self Assur ance protection range which is aimed at covering a range of protection needs within one plan.

The company says it is launching the product as it has underestimated the popularity of multi-benefits.

ScotProv says the trust allows three different beneficiaries in the same policy. This means it is possible to have family protection in trust for the policyholder&#39s family as well as income protection and mortgage cover for the policyholder.

The trustees include the policyholder and any chosen additional trustees.

In the event of the death of the policyholder, ScotProv says the trustees can claim the benefits of the trust without delay. This also applies if the policyholder has a serious illness and is unable to make the claim themselves.

Marketing technical support manager Ian Smart says: “Scottish Provident&#39s flagship product, Self Assurance, is the most flexible in the market so we needed a trust which was just as flexible.

“The split trust allows you to retain the benefits you want under your policy while still giving other benefits to your chosen beneficiaries.

“Such an arrangement saves the need to take out different policies for differ ent benefits, making the whole process of tracking your financial protection a lot simpler.”

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