Since introducing beneficiary nomination on its real life product in March The Exeter has seen six in 10 (60%) single life policies including a nominated beneficiary.
It added a further 10% of policies have used a trust form to safeguard future benefit payments.
Prior to the introduction of the beneficiary nomination feature, around 40% of The Exeter’s life insurance policies were placed into trust.
Speeding-up and easing life claim payments is a significant focus of the Financial Conduct Authority (FCA) which has highlighted concerns with life insurers about their claims processes over the last year.
In November, the regulator released a highly critical review of life insurers claims processes and in June it revealed it has been working with insurers to explore faster ways of finding out if someone has died and speed-up payments.
Beneficiary nomination can be a key way of helping to direct funds and speed up payments for life insurance claims and typically sees much higher take-up than trusts.
Health & Protection research last year found in general only between a third and a fifth of all in-force policies had been put into trust or similar arrangement.
However, results from 2023 were more encouraging and beneficial nomination has been consistently higher from providers offering it.
Jack Southcott, head of protection propositions at The Exeter (pictured), said: “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 clients at the point of claim.
“Since launching beneficiary nomination in March 2025, we are delighted to see a significant increase in the number of life insurance 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.”
