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In the event of death, when a life insurance policy hasn't been placed under trust, the process of probate is followed.

The Probate Registry must give permission for the assets in the estate to be given to the beneficiaries. A personal representative will need to obtain probate so that they have the authority to deal with the estate. The life insurance policy is counted as part of the estate and may incur inheritance tax.

These processes can also all take time to be resolved.

For advice speak to your financial adviser.