Mutual insurer Royal London has made further enhancements to its digital services by extending its online, signature-free trust process to Personal Menu Plans.
The update will allow advisers to place a plan in trust as part of the online application process, making it more efficient and user-friendly.
The online trust process is now available for Business, Relevant Life Plans, and Personal Menu Plans, eliminating the need for electronic or wet signatures from clients or nominated trustees.
Writing protection policies in trust offers several advantages, including ensuring quick payouts to the correct beneficiaries and potentially saving clients’ loved ones from unnecessary tax expenses.
Jennifer Gilchrist, protection specialist at Royal London, said: “Making it easier for advisers to explore the option of a trust with clients and put it into action straight away is hugely beneficial and demonstrates that higher standards of care have been delivered.”
She added that the company plans to continue focusing on digital enablement for trust and beneficiary nomination processes for both new and existing customers.
By simplifying the process and promoting the use of trusts, Royal London aims to increase their popularity, given that historically, only around one in ten policies has been written in trust.
The online trust process will provide better outcomes for clients and make it easier for advisers to deliver the best possible service.
