26 05 2016

Ellipse launches a new Excepted Group Life Assurance product

Gowling WLG's Pensions and Benefits team has assisted internet-based group risk insurer, Ellipse, to launch a new Excepted Group Life Assurance product.


The team was led by principal associate Kevin Gude (Picture). Ellipse contacted Gowling WLG to advise on the structuring of the new product and the trust that is an integral part of the arrangement. Ellipse developed its product in partnership with a third party professional trustee, Pitmans Trustees Limited (PTL). PTL recommended Gowling WLG for its expertise in the risk benefits area to review their trust documentation, advise Ellipse on statutory and technical compliance and provide them with additional commercial insight into the wider market's approach to the provision of excepted cover. The Ellipse Life Trust is a novel concept in that it provides Ellipse's corporate clients with a packaged product that includes a ready-to-use discretionary trust deed and the services of PTL as third party professional trustee. By establishing a new trust for each employer (or group of employers), the Ellipse Life Trust releases employers from the otherwise necessary obligation to identify, appoint and maintain a separate trustee board and for those trustees to take active decisions in respect of the provision of benefits on the death of an employee. It also ensures quicker payments to beneficiaries, reduced legal and tax risk from an appropriately worded trust and less administration at point of claim. Involved fees earner: Kevin Gude - Gowling WLG;

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