Two fifths have never heard of writing a life insurance policy into a trust however 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. According to Legal & General, 40% 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 thinking about the future, but it's essential to remember our responsibility to our loved ones," said Craig Brown, director, Legal & General Intermed...
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