Frequently asked questions
Yes, although the policy is in trust, payments still need to be made to keep the policy live. Nothing has changed in that regards as the policy still pays a benefit to someone, normally a family member or loved one, so payments need to be maintained. You no longer own the policy as it is the property of the trust which will ultimately distribute the policy proceeds to the beneficiary(ies). If you are no longer able to make the payments the trustees or a beneficiary(ies) may be able to.
It’s important to remember that, as the legal owners of the policy, your trustees will receive correspondence including copies of communications relating to missed premiums or under-payment.
Not necessarily.
We provide a range of draft trusts you can choose from and complete yourself.
However, if you need guidance on the type of trust that’s best for you, we’d recommend speaking to your financial adviser or a legal professional who can help. You may need to pay for the advice you receive.
Once you’ve completed your trust deed, simply return it to us and we’ll update your policy to reflect your instructions. If you’re sending your trust deed via email we’d always recommend you use a secure, encrypted email service and retain the original copy as we may ask for this in the event of a claim.
If your life insurance policy starts with 'PR'
You can email your Trust deed to us at:
We’re afraid we can’t accept copies of Trust deeds sent via DocuSign.
You can post it to us at:
Zurich Assurance
Protection Operations
PO Box 4157
Swindon
SN4 4QB
If your life insurance policy doesn't start with ‘PR’
You can email your Trust deed to us at:
We’re afraid we can’t accept copies of Trust deeds sent via DocuSign.
You can post it to us at:
Zurich Assurance - In Force
Unity Place
1 Carfax Close
Swindon
SN1 1AP
The information shown on these pages is intended to provide an overview of the trusts we offer, the benefits they may provide and the main limitations.
Trusts may not be suitable for all circumstances so if you’re unsure and you need additional guidance, we’d recommend speaking to your financial adviser or legal professional.
If you don’t have a financial adviser and you need help finding one you can contact the British Insurance Brokers’ Association or MoneyHelper.
Please be aware that if you do seek financial or legal advice you may need to pay for the advice you receive.
One of the main benefits of putting a life insurance policy in trust is it won’t normally be included in your estate for Inheritance Tax purposes. Also for most life insurance policies the payments you make will usually be exempt transfers, because the payments are usually made from your normal income/expenditure. Exempt transfers are not subject to Inheritance Tax.
If you’re concerned about Inheritance Tax, you should speak to your financial adviser or a legal professional before you put your policy in trust. Bear in mind that you may have to pay for the advice you receive.
No – not normally. Once you’ve placed a policy in trust it is then owned by the trust and not you. As it’s an irrevocable act you cannot change your mind later.
The trustees should contact us as soon as possible to let us know that they’ll be making a claim. They can contact us by email, in writing or by simply giving us a call. For details of how best to contact us, visit our contact us section.
We’ll let the trustees know what documents we’ll need from them at the time. We may ask them for the original trust deed, so it’s really important that you keep this in a safe place, for example with your policy documents.
More details about how to claim and what documents we’ll need can be found in the policy conditions.
Once we agree to pay the claim, we’ll usually pay the proceeds to the trustees. It’s then their responsibility to make sure that the money is paid to the beneficiary(ies), or managed on their behalf.
Trusts can be a complicated business and different types often have different terms and conditions when it comes to adding or removing trustees or beneficiaries.
The best place to start is to take a look at the terms and conditions of your particular trust (‘the trust provisions’). This will help you understand any specific requirements or restrictions which may apply so you’re clear on what can be changed, as well as what can’t.
As a trust is a legal document any changes you need to make must be done via a ‘deed’. This provides an official record of the changes. You can use the forms below to let us know about the changes required, which usually allows us to prepare the relevant deed(s) for you.
If you have a financial adviser or legal professional you may wish to speak to them for additional help or guidance too. If you don't have one, visit The British Insurance Brokers’ Association or MoneyHelper to understand the different kinds of advice available and how to find an adviser local to you. You'll usually have to pay for any advice you receive.
And if you’re just not sure on the best course of action, that’s okay too - just get in touch. Whilst we can’t provide advice we’ll be happy to help guide you on how to find what you need.
If your life insurance policy starts with ‘PR’
Online
Call us
Monday to Friday 9.00am to 5.00pm (except bank holidays)
Write to us
Zurich Assurance
Protection Operations
PO Box 4157
Swindon
SN4 4QB
If your life insurance policy doesn't start with ‘PR’
Email us
Call us
Monday to Friday 8.30am to 5.30pm (except bank holidays)
Write to us
Zurich Assurance - In Force
Unity Place
1 Carfax Close
Swindon
SN1 1AP
Life insurance, levelled up: why trusts can be a game-changer
At Zurich we understand the importance of looking after your loved ones. Learn the advantages and disadvantages of putting your life insurance into trust.