Even though they’re both loosely linked, having a will and having a life insurance policy are each separate things to consider, however they certainly both compliment each other.
Since the COVID-19 pandemic, there’s been a steady rise across the market for will writing services and applications for Life Insurance, as we’ve all become more acutely aware of our own mortality and how vulnerable we all are.
It’s a smart move to have both in place.
Writing a will has never been easier, and with plenty of online will writing services on the market, you can have a will written in as little as 15 minutes. It’s also a lot cheaper than you may think, with specialist online services being much cheaper than going through a solicitor.
If you apply, you’ll be asked some basic questions, including whether you have a partner, if you have any children or if you own your home.
There’s a surprisingly high number of people in the UK who are at risk of inheritance complications simply because they don’t have a will in place.
Cavendish Online is proud to have partnered with Farewill, the UK's #1 online will writing service. You can either set up your will online or request a call to go through the process with a friendly Farewill Specialist.
Did you know that non-married partners are normally excluded automatically from inheriting anything in England and Wales if a loved one dies without a will?[1]
When it comes to Life Insurance, if your children, partner or other family members depend on your income to cover their living expenses and the home they live in, you should definitely consider life insurance to help provide for your loved ones in the event of your death. You can’t rely on the state to take care of your family – the money they would get from the government is probably much lower than you’d expect.
Low Cost Life insurance can be good value for money, especially when you consider that it often works out at just a few pence a day and the younger you are when you buy it, the cheaper your monthly premiums will be.
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What type of policy is right for me?
The two types of life insurance policies you’re most likely to come across are ‘term insurance’ (the more basic form of life insurance) and ‘whole-of-life’.
‘Term’ life insurance policies run for a fixed period of time (known as the ‘term’ of your policy) eg. 10, 15 or 25 years - but only pay out if you were to die during the term of the policy. There’s no lump sum payable at the end of the term.
With a ‘whole-of-life’ insurance policy, the clue is in the name. Unfortunately, we all die one day, so as this policy is ongoing, it will pay out a lump sum whenever that day comes. Naturally, these policies are typically more expensive than term insurance policies since as long as you keep paying your premiums, the insurer will always have to pay out, whereas you may outlive a term insurance policy.
If you’re not sure, speak to us, and we can help guide you to what the best option is for you.
At Cavendish Online, we have a wide range of policies from a range of providers that specialise in low cost life insurance for all ages. Speak to the team at Cavendish today to choose a life insurance policy that's right for you.
[1] https://www.citizensadvice.org.uk/family/death-and-wills/who-can-inherit-if-there-is-no-will-the-rules-of-intestacy/
Want to find out more?
You can find out more about Farewill and the services they offer, as well as a range of guides and FAQs about wills here.
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