
"For the ever-increasing number of couples who aren’t married, this can mean the difference between receiving the payout intended for them and financial disaster."
- Ruth Gilbert, partner at Insuring Change
The Exeter has reported that 60% of single ‘Real Life’ policies now have nominated beneficiaries, and a further 10% have been put in trust. This feature was made available in March 2025, alongside several protection proposition enhancements.
Before beneficiary nomination was introduced, roughly 40% of The Exeter’s life policies were put in trust, almost twice as many as the market average (23%).
“By incorporating beneficiary nomination alongside our wider trust arrangements, we have provided advisers with greater flexibility and more options to help them deliver the best possible outcomes for their customers at the point of claim,” explained Jack Southcott, head of protection propositions at The Exeter.
Similar to trusts, beneficiary nomination ensures payouts can bypass probate and remain protected from Inheritance Tax (IHT) in the event of the policyholder passing away. Customers can nominate up to 5 beneficiaries during the application process – this can be updated throughout the life of the policy.
“Since launching beneficiary nomination alongside our wider trust arrangements, we’re delighted to see a significant increase in the number of life policies that have a clear and structured arrangement in place for benefit payments.
“This means that proceeds from a claim can be paid quickly and efficiently to the intended recipients, a small relief at a difficult time,” he added.
Reacting to this announcement, Ruth Gilbert, partner at Insuring Change, said she’s “delighted with the whole approach of The Exeter to improving claimant outcomes. Their commitment to making the customer journey as good as possible has been rewarded with a good uptake of beneficiary nomination from the outset.
“This success puts them amongst the leading insurers when it comes to minimising the ‘beneficiary gap’ for Life Insurance. For the ever-increasing number of couples who aren’t married, this can mean the difference between receiving the payout intended for them and financial disaster.”