What happens if a client adds more covers to his plan?
Any new cover added to a plan is automatically subject to the existing trust arrangements. It will therefore automatically become either a gifted benefit or a retained benefit depending on what kind of cover it is. For example a new Life Cover will automatically be a gifted benefit but a new Income Cover for Sickness will be retained. When we cannot add a new cover to an existing plan, we will offer your client a new plan for the new cover. If this new cover is to be placed under trust, your client would then have to complete a separate trust form for the new plan.
