be updated at any time, which makes it flexible for the long-term. We suggest clients review their beneficiaries every year to make sure their choice is still appropriate and details are up to date. Payout Planner will also be superseded by a trust if one is set-up at a later date. Because of its ease, flexibility, and most importantly – its vital role in ensuring the money goes to the right person, particularly when those people are not married – we suggest that there is a strong argument to say that beneficiary nomination is the right default choice to consider in terms of ensuring good consumer outcomes. This is true even if the client intends to put a trust in place in future. In terms of our own experience, at Guardian we’re encouraged to see that so many advisers recommending our products are already on board with this concept. 68% of all our life policies sold to date have used our beneficiary nomination, Payout Planner⁴. With 5 years of trading and claims data behind us, we can also see it’s having a positive impact at claim, making it easier and faster to pay the intended recipient of the policy. Linked to this idea is the concept of dual life. This is relevant whether the couple are unmarried or married. By setting up 2 single life policies (or dual life) advisers can make sure they’re not just setting up a policy that suits the policyholders’ lives right now but are making sure that it is going to be fit for clients no matter how their lives change in the future. Which we believe can only benefit consumers. Discover more about Payout Planner here. [1] ONS Q1, 2020 data, shared in Swiss Re, Life Cover Payout- under the microscope, February 2023 [2] ONS census data for England and Wales, 2021, shared in Swiss Re, Life Cover Payoutunder the microscope, February 2023 [3] Swiss Re, Life Cover Payout- under the microscope, February 2023 [4] Guardian Payout Planner usage (5 years), 1 January 2019 - 31 December 2023 Guardian Financial Services is an appointed representative of Scottish Friendly Assurance Society Limited. All products are provided by Scottish Friendly. 09 SUMMER PROTECT NEWSLETTER
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