Home

Why Make a Will

Writing a Will

Preparing Your Will

Will Drafters

Nobody wants to think about dying. To say it’s not the happiest of subjects is an understatement, but unfortunately it is inevitable and is something that happens to everyone. Around 60% of the UK population doesn’t have a will and people don’t think about getting life insurance unless they are very rich or if they feel they are of the ‘right age’ i.e. retirement age. But in actual fact, just like arranging a pension, life insurance and writing a will should be done sooner rather than later. This isn’t morbid; it is in fact the opposite, because you can arrange everything when you are young and healthy.

In the UK, life expectancy is 77 for men and 82 for women so as we are living longer, we are more inclined to put things like wills, life insurance and pensions off until we are much older. However, if you die without a will your property and money won’t necessarily be passed onto your partner it will be divided in accordance with the laws of intestacy and these tend to be outdated for today’s modern family structure. Your children may then be transferred to the state as may your estate. You won’t even get to stipulate your own funeral arrangements.

If you die without life insurance your family and loved ones will have to pay for your funeral, settle any debts and won’t be provided with financial support after your death. But how do you decide which life insurance company to choose? You have to beware of certain types of cover listed on price comparison websites. Many seem to offer cheap cover on what’s called reviewable term assurance, however, this type of policy actually has an increasing premium that goes up as the years go on. Instead you should look for policies that either stay the same for the duration of the policy or decrease over time. They will both pay out a lump sum if you die during the term of the plan.

Legal & General is one of the UK’s largest life insurance companies, providing cover to over 3.5 million people. They also offer a variety of funeral plans, which is a sensible and practical way of planning for the future.  Furthermore, in 2008 it won Best Life Assurance Provider at the Professional Adviser Awards, so is well worth a look. 

More information: