Nominating a beneficiary is an alternative option to a trust and in many cases can be a simpler and more efficient solution. It allows your client to nominate a beneficiary to receive any benefits of the policy if they die. Any benefits that pay out whilst they are still alive will still be paid to them. Like the online trust process, this can be set up online as part of the application. It's an ideal solution for single life policies where your client already knows who they would want to benefit from the policy.
For example, if your client wants the benefit to be paid to their spouse or partner, this is a simple way for them to make sure their payout goes to their nominated beneficiary, without the need for probate or the completion of a trust form. It's also flexible, they can change their nomination at any time simply by calling or writing to us.
For more complicated needs, jointly owned policies or inheritance tax planning you should still consider a trust.
Find out more about beneficiary nomination and when it can be used.