Aviva has enhanced its online trust process to offer a digitalised ‘add trust’ solution for existing individual protection policies submitted through Aviva Life Protection Solutions (ALPs) that include life insurance with a BPL prefix.
“This enhancement is a major step forward in our commitment to digital innovation and adviser support.
“Trusts can offer significant benefits to customers, helping to streamline and speed up access to life insurance payouts by avoiding delays in the probate process,” said Matt Usher, protection change delivery manager at Aviva.
Advisers can access this new digital solution via MyAviva and the Aviva Adviser site.
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To support understanding, the provider has also launched its protection trusts hub and a series of ‘Ask the Experts’ webinars in partnership with Red Apple Law.
Usher added: “They also provide greater control over who receives the benefit and how it’s used, can help reduce inheritance tax (IHT) liability, and ensure privacy during a sensitive time.
“Yet, many single life term policies aren’t written in trust due to the perceived complexity and administrative burden. Consumer Duty encourages advisers to consider trusts in customer conversations, and by digitizing the add trust process, we’re removing those barriers.”
