A policy may provide benefits to be paid on different events and it is possible to specify separate beneficiaries for each benefit. In these circumstances you should regard the benefits as separate items of property rather than different beneficial interests in one item of property (the policy). Different beneficial interests may therefore subsist in each of these separate benefits. See example below.
Example
A person effects an endowment policy under which a sum assured of £50,000 is payable in 25 years time or on their death before then. They put the policy into a trust under which
