"When you look at the diversity of the Trust processes from each of the main providers; this can create challenges for advisers because they are all quite different."
Writing protection policies into trust makes sure that if the worst was to happen and the life assured dies; the proceeds from their life assurance policy go to the people for whom they are intended, without unnecessary delays and without being subject to tax charges.
The network says provider processes for writing life cover protection policies into trust vary and significant evolution in systems and processes to help facilitate more life policies being written into trust have been seen recently.
The Trust Hub comprises:
• A range of protection insight podcasts and webinars which demonstrate how to complete the process for each of the main protection providers.
• A resource called ‘Trust Guru’ which maps out generic questions about how to write protection policies into trust, along with the corresponding answer.
• Client facing sales aids to help advisers with the conversations about the benefits of trusts and what is involved with being a trustee.
• A central place where advisers can find provider tools, documents and literature regarding trusts.
Vincent O’Connor, director of products at The Right Mortgage, said: “In my experience, advisers have sometimes struggled with the fundamental job of writing life cover protection policies into trust. This perception seems to be backed up by the number of life cover policies which are actually written into trust each year across the UK and it’s something we all need continue to strive to improve.
"It’s great to see that providers are continuing to invest in technology to make the job of writing protection policies into trust easier – long may that continue.
"But when you look at the diversity of the Trust processes from each of the main providers; this can create challenges for advisers because they are all quite different.
"That’s why we’ve created a central resource for our advisers called the Trust Hub.
"It’s generic and it aims to help and support advisers with the practicality of writing more protection policies into trust – both new policies and those already in force.
"I am delighted to launch this resource to our advisers which will help to boost knowledge, confidence and application of getting the job done which will inevitably result in even more good consumer outcomes.”