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You asked: Can I choose who gets the money from my Guaranteed Lifelong Protection policy?
Yes. By putting your Guaranteed Lifelong Protection policy under an appropriate trust, a life cover pay-out could go straight to the people (the trustees) you choose, more quickly and with less fuss.
Under current tax rules, it could also help protect the pay-out from Inheritance Tax. Alternatively, you can specify who should receive the proceeds from your policy in a will, but this could be subject to Inheritance Tax and might not be paid as quickly as if it were under trust.
The tax treatment will depend on your personal circumstances and you should bear in mind that tax rules may change in the future.
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