Make sure beneficiaries don't miss out - says Lime

LONDON, 3rd June, 2019 – Lime, the firm which uses technology to strip out cost and complexity to make high-quality insurance cover available for all, has found most people opting for accidental death cover don’t know about the benefits of writing this in trust.

A policy written in trust can ensure that:

·      It pays the people who you want to receive the money

·      The payment is quick, so the beneficiaries get the money when they need it

·      It avoids any death duties taxes which may be payable on your estate

Shaun Williams, CEO, Lime said: “For Lime customers we want to be able to guide them through the process of deciding how, and to whom, they leave their proceeds if they suffer a fatal accident.  The new way we offer the insurance really helps, but we also want to give more information so they can plan for the future of their dependents, should the unthinkable happen.  If we can educate them about writing the insurance in trust, this will hopefully benefit everyone.”

Lime has found that because many people do not believe their overall estate will be subject to any death duties (Inheritance Tax) or are concerned about setting up a trust, they do not opt to have accidental death insurance written in trust.  They were also unaware that the probate process in the UK can take between 6-12 months, which is bad news if they need to have quick access to money.  

“For us writing the insurance in trust is part of the service we provide.  We use the latest digital technology to simplify the process.  We have created products which allow individuals to tailorthe type and level of their cover based on what they want to pay. For no additional cost we can make sure that, if there is a tragic event and the cover is needed, the money gets to the right people when they need it. If this also means that 40% (tax above the threshold) is not lost to death duties, this is even better.” said Mr Williams.

Lime provides access to simple, low cost insurance, by taking out what people don’t need or want to pay for and providing targeted insurance which will help to make their lives better

“For us, insurance should be inclusive, not exclusive so we have refreshed the way customers access and buy cover.  Using the latest technology we are able to offer standalone products, rather than bundling together lots of different options.  This opens up insurance to more people giving them cover which they may not have thought they could afford.” concluded Mr Williams.  

Lime International Limited (Lime) was launched on the 26th February 2019, and is a company authorised and regulated by the Financial Conduct Authority (FCA).

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Lime is insurance with a twist. We’ve created simple, flexible and affordable cover backed by world leading insurers. Lime is 100% online and helps you work out what you need, when you need it. 

Life changes all the time, and so should your insurance. With Lime, you know you have the right cover for the right people at the right time. Over 11 million people in the UK don’t have the life or health protection they need. We want to change that.

Lime International Limited is registered in England and Wales, with headquarters at 122 Leadenhall Street, London EC3V 4AB. Registered number: 10180963. Lime International Limited is authorised and regulated by the Financial Conduct Authority. Registration number 759122.

Lime is not authorised to offer independent regulated financial advice.