Scottish Widows has introduced beneficiary nomination to help ensure money goes to the right people and to speed up payments to beneficiaries after a bereavement, without the need to wait for probate.
Available on new personal single own life or life with critical illness policies, it enables customers to nominate up to five beneficiaries during the application process. The nomination can be added easily, without signatures or separate trust forms, and must be in place before the policy goes on risk.
For applications with multiple eligible covers, advisers can choose different beneficiaries for each cover or apply the same nominations across all.
Unlike a trust, beneficiary nomination allows the policyholder to update their chosen beneficiaries at any time without additional approval or paperwork involving trustees.
Beneficiary nomination is available for advisers who apply directly with Scottish Widows or via the UnderwriteMe portal.
Paul Jenkin, head of protection change at Scottish Widows, said: “Beneficiary nomination is a practical tool that helps advisers support clients and their beneficiaries when it matters most. It helps reduce delays and makes it easier for life cover to be paid as intended. Advisers can use it with confidence for straightforward needs, while trusts remain an option where more control is required. Overall, it gives advisers more flexibility to put the right protection in place at the right time."
