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If Your Circumstances Have Changed, We are Here to Help

We understand the only constant thing is change itself. That is why we are here to help if your circumstances change. Whether it is a new partner, a new baby, or a new home, Albany Park will continue to be the insurance and independent mortgage specialists you can trust — no matter what life throws your way. 

If something does change in your life, and you have an insurance policy with us, you might also need to make a change to your insurance policy/ies. Here are some examples of changes in circumstances that could require a change:

  • Moving home
  • Giving birth
  • Receiving a pay increase
  • Increasing your mortgage
  • Separating from your partner (if you have a joint policy).

Please give our experts a call if any of these apply to you. Not sure whether your change in circumstances means you need to update your policy?

Writing a Policy in Trust

Putting your policy in trust can help your loved one’s get the maximum benefit from your life insurance by avoiding inheritance tax and probate on the pay-out. The good news is that a policy in trust costs no more than a standard life insurance policy. 

Some key points of a policy in trust to consider are:

Benefits

  • Once you pass away, the policy’s pay-out is not subject to inheritance tax, meaning hefty savings, if your estate value is over a certain amount.
  • There is no need to wait for probate to get the pay-out, meaning your loved ones receive the proceeds reasonably quickly
  • You can ensure the proceeds will go to the right people.

Drawbacks

  • Once a policy is in trust, the legal agreement can not be changed, unless authorised by all trustees. Alternatively, you can cancel the policy and legal agreement and set up a new one.
  • You must make sure your trustees are people who will protect your interests in years to come, as they have legal ownership over the policy and have a certain level of control alongside you.

Our specialists can discuss the benefits and drawbacks of writing your policy into trust. Request a callback or call us on 0203 540 5800 to find out more.

Get Further Support and Learn More about Albany Park Services

If you have questions about our services or your insurance policy or mortgage, but aren’t quite ready to get in touch, you might be able to find the answers you need on our FAQs page.

You can also sign up for additional Albany Park services at any time. If you need a new life insurance, critical illness, or income protection insurance policy, we are here to help. Also, if you need independent and impartial advice to find a mortgage deal, our advisors can help you explore your options and find the right deal for you.

Albany Park is your one-stop-shop for great personal protection insurance deals and truly independent and impartial mortgage advice.

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