Can I choose who gets the money from my life insurance policy if I die?

Yes. You could put your life insurance policy in a trust, such as our Aviva Trust, and name who you'd like to benefit from receiving the money if a claim is successful. We will pay the claim proceeds to the trustees (provided there is at least one surviving trustee), so we won’t need to wait for personal representatives to be appointed to administer your estate.

Payments may not be counted as part of your estate, so may not be liable for Inheritance Tax. Tax treatment depends on your circumstances, and bear in mind that tax laws may change in the future. Setting up a trust has legal and financial implications, so you should speak with a financial adviser and/or tax specialist. If you don't have a financial adviser, you can find out at unbiased.co.uk. Please be aware that you may need to pay for this advice.

If your policy is not held under trust, you could include instructions about who receives any proceeds from your policy when you make a will, but this may not provide the same protection against Inheritance Tax.