Reassured is introducing a standardised online trust form for new life and critical illness customers.
The broker firm has so far secured agreements with six protection insurers to support the initiative – AIG, Aviva, Legal & General, LV=, The Exeter and Vitality.
The fully digital form does not require a wet ink signature and uses a web-based form which customers can complete with nothing to download, print or save.
Reassured said the form will be issued with clear instructions on the benefits and ease of completing the document as part of the welcome process after taking out cover.
It added that a full review of the form is conducted once completed and it is registered with the relevant insurer alongside the policy and it then confirms the process has been completed to the customer.
Phil Jeynes, director of corporate strategy at Reassured, said: “The take up rate of trusts has been lamented in the protection industry for as long as most can remember, thanks to complicated processes and the need for wet signatures if implemented after a policy is sold.
“The Reassured Trust delivers a solution fit for the modern world where the vast majority of plans are sold digitally or over the phone: no paper, no signature and one form for all insurers.”
Ali Crossley, managing director, distribution at Legal & General Retail, said: “Placing a policy into trust is one of the most important yet underused elements of protection.
“This innovation from Reassured means that more customers will be able to simply and effectively ensure the proceeds from their plan go to the right people at the right time.”