VitalityLife launches signature-free online trust solution

Michael Lloyd

July 30, 2019

VitalityLife has launched an online solution that doesn’t require written signatures and allows advisers to set up a trust as part of the protection application using new VitalityLife’s Adviser Hub self-service portal.

The solution is available for all new personal and business protection plans. VitalityLife said it makes it quicker and easier for advisers to place protection plans in trust.

Sally Burrowes, director of legal at VitalityLife, said: “It can be hard for advisers to demonstrate the benefits of placing protection plans in trust, often because of the time-consuming nature of the process.

“Our new signature-free online solution means it will be quicker and easier for advisers to place plans in trust, further supporting our aim to ensure members have the most comprehensive protection possible.”

When held in a valid trust, the plan will not be subject to inheritance tax (IHT) as part of the settlor’s taxable estate.

The plan proceeds are paid directly to the trustees, meaning faster payment of the benefits to the beneficiaries.

VitalityLife’s trusts are split trusts, meaning the settlor has the ability to retain some benefits from the plan, such as serious illness cover, whilst being able to gift others, such as the life cover.

Francis Gill, director at Humboldt Financial, added: “Ensuring life cover ends up in trust is a key element of financial planning.

“By making the process as smooth and quickly as Vitality have now done, our clients can easily ensure that their loved ones quickly and easily receive the life cover payout, and lets them get back to what they do best, spending time with their family and friends.”


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