My insurance policy needs to go 'into trust'?

Shamalamb

Hi, I had a call from a Brokers called Infinity telling me that my insurance policy needed to go into trust, and that this hadn't been sen up initially and I'll lose money if it doesn't etc. But he couldn't tell me which policy this was for or the company etc so I was suspicious. I've looked them up and there are varying reports online, some claimed they were legit and had been very helpful and others who warned against giving them any information.

I don't want to be scammed but equally if this is legit, I don't want to miss out. And if it is legit, why didn't he know anything about my policy? Any help gratefully received. Thanks.

InsideInsurance

Who did you buy your policy from (not the insurer but the seller)?

dunstonh

had a call from a Brokers called Infinity telling me that my insurance policy needed to go into trust

Were these the brokers that set up your policy in the first place?

But he couldn't tell me which policy this was for or the company etc so I was suspicious.

So you should be. The adviser/broker that set up the policy would know what you have.

Your policy info is not in the public domain. So, if a cold call that doesnt know your policy info is made, you should be on guard. A possible scam here is to cold call you. you then supply a range of policy data that could either result in identity fraud at worst or it could be a dodgy sales process that they could then be trying to find out info to allow them to sell a "better" alternative. Neither is desirable as you wouldnt want fraud and you wouldnt want to use dodgy sales methods.

Shamalamb

Thanks both, appreciate the feedback. I was very suspicious when he told me he didn't have any info re: my policy! If he had been calling from the insurance company then I would not have been suspicious but this all sounded very dodgy. Thank you.

Can either of you explain to me what 'going into trust' means and if I need to look into this anyway?

Many thanks.

InsideInsurance

What class of insurance are we talking?

Trusts normally relate to Life insurance, by writing it in trust it generally removes the monies from your estate and thus (a) allows it to be paid quicker as it doesnt get stuck in probate and (b) generally allows it to avoid inheritance tax

Murphy2011

As a rule you can put the policy into trust fairly easily if it needs to be done, there isn't any real money to be made by an adviser doing this for you unless they charge a fee so the chances are that they're looking to set you up with a new plan and will put that into trust for you when they do it.

They will get commission from the insurance company when you do this.

Do you know who your existing policy was taken out with?