Life insurance and Will

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  • #21327 Report


    Hi everybody, I’m looking to take life insurance out and also want to write a will. Does anybody have any useful information in relation to either of these things as I’m not sure were to start. Thank you in advance, Lisa.

    #21356 Report


    You’re best talking to someone about your will because they vary a lot on your circumstances however you will need up think about who you want to be your executors (they look after stuff in the event of your death) and where you would like your assets to go. For example all mine goes into a trust for my son managed by two trustees (people I picked).

    Life insurance is also complicated, did you just want it to pay out on death or include critical illness cover too? If you’re single with children critical illness is probably a must so you have money to live off should the worst happen.

    The man who did my will was fantastic and went through life insurance with me too so I knew exactly what I was and wasn’t covered for

    #21366 Report


    Also keep in mind that you might not need life insurance. As a single mum, I have one son. If I died, I don’t have a partner to provide for, and my house would be sold because my son is too young to live in it on his own. So he would inherit the value of the house plus whatever is in my pension. Which would be enough to pay for his needs through to University (if he went).

    i definitely needed critical Illness insurance though,  because I’m on my own, and also a living will, so if I was suddenly unable to make decision for us, (ina coma or something) my sister would have the legal right to do what was needed.

    #21370 Report


    If you are going to take critical illness out do it sooner rather than later because as soon as you have any pre existing condition it either becomes expensive or impossible.

    Please take professional advice with this as every situation is different but after ensuring that a clean break/consent order was done…I used my existing critical illness which also covers my sonfor half the full amount without affecting the claim.

    In addition two seperate policies, one lump sum in the event of death payable on his 21st birthday but also a nother in tandem that pays a weekly sum to whoever is his carer up until the age of 18 then him until he’s 21.

    This was to cover all eventalities, as I am renting so have no property and couldnt guarantee the stability of his mother’s situation.

    Please know that every situation is different though and it’s best to speak to a financial advisor about this.


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