Set For Life, one of the first annuity lotteries in the UK, was introduced in March 2019. This game has the potential to transform the lives of winners by delivering a steady income of £10,000 per month for 30 years.
But what happens if the winner passes away before the full 30 years are up? This Clover Casino article provides an exploration of the various scenarios and rules applied in such cases.
What Happens If You Win Set For Life And Then Die?
Contrary to what some may believe, the remaining winnings after a Set For Life winner's death are not forfeited. The National Lottery has established provisions to ensure that the remaining prize funds are not wasted.
The outstanding winnings can be paid out as a lump sum to the winner's estate. This sum can then be distributed to the deceased's family or dependents in accordance with their will or potentially the law if no will exists.
Can Set For Life Be Passed On?
Yes, indeed. The remaining balance of the Set For Life prize can be inherited by the winner's estate or transferred to their beneficiaries. However, the winner cannot transfer the instalments into someone else’s name while they are still alive. This means that if the winner wishes to pass the winnings onto someone else, they would have to transfer the funds from their own bank account to the desired recipient.
Set For Life Lump Sum: Can You Have It Paid In Full?
Set For Life winners cannot opt for a lump sum payout. The top prize is split into monthly instalments of £10,000 over a 30-year period. The only exception to this rule is if the winner dies before all the payments are made. In this case, the remaining balance is paid out as a lump sum to the winner’s estate, ensuring that the prize money does not go to waste.
Does Set For Life Continue After Death?
Upon the death of a Set For Life winner, the National Lottery pays the remaining balance of the prize money as a lump sum to the winner’s estate. If the winner has a will and has named a beneficiary, the money goes to that person.
If there is no will, the money is distributed according to the law. If no living relatives can be found, or if no one claims the money within the stipulated period (usually 180 days), the money may be donated to the National Lottery’s charity fund.
Sharing Set For Life Winnings
While the remaining balance of the Set For Life prize can be passed on to a winner's beneficiaries upon their death, it's important to note that the winnings cannot be transferred to someone else while the winner is alive.
The monthly instalments of the prize are directly deposited into the winner's bank account and cannot be transferred directly from the National Lottery to another person. However, the winner may choose to transfer funds from their bank account to another person.
Is Set For Life Worth It?
The annuity structure of Set For Life may not appeal to everyone. However, the top prize offers a guaranteed income for a long period of time. And, with the provision for the remaining balance to be paid out as a lump sum in the event of the winner’s death, it ensures that the prize money does not go to waste.
However, the chances of winning the top prize are slim – approximately 1 in 15.3 million. But as with any lottery, it’s all a game of chance. So, while there’s no guarantee you will win, there’s also a chance you could.
*All values (Bet Levels, Maximum Wins etc.) mentioned in relation to these games are subject to change at any time. Game features mentioned may not be available in some jurisdictions.