How can you find out if someone has a Will? Find out all…
It’s now commonplace for a free Will writing service to be included when you take out life insurance.
A Will is simply a legal document that deals with your estate after you’re gone. It determines how you would like your assets to be distributed, (and this includes the proceeds from your life insurance policy).
A free Will writing service or Will kit is offered by insurers as an added incentive for you to take out a policy directly with them, much like the more common free welcome gift card.
At Reassured we don’t offer a free Will writing service, however, in this article we investigate the best life insurance with free Will incentives currently available…
The information in this 'life insurance with free Will' article has been taken from each providers website and is correct as of 13/06/23
Before we delve into the best life insurance with free Will offers available, it’s important to identify the key benefits of a Will:
Now let’s take a look at the free Will offers currently available in the market*…
Insurer Beagle Street offer a complete ‘estate planning’ kit to help you get your affairs in order.
This includes offering a free Simple Will service to all their customers.
A Simple Will is one that leaves an estate to a maximum of 6 beneficiaries without the use of trusts or tax planning.
But how does Beagle Street’s Simple Will service work?
After you have purchased a Beagle Street policy and received the documents through the post, you’ll need to call 0800 247 247.
Beagle Street will then pass your details onto the Will writing specialist who’ll send you a Will pack.
Within the pack, there’ll be a questionnaire for you to complete, which will aid the initial drafting of the Will.
Then you’ll receive a call from them in order to gather the additional information they need.
They’ll provide you with a draft of the Will and this is your opportunity to make any necessary changes you require.
Once you’re happy with the draft, you can sign the Will and it then becomes a legally binding document.
If you have a single policy then you’ll be offered a Free Simple Will, if you have a joint policy, you’ll be offered a Joint Mirror Will or a Free Simple Will.
If you require a more complex Will, it’s likely you’ll incur fees as per their terms and conditions.
Key points of the Beagle Street offer:
Smart Insurance are offering customers who take out any of their life insurance policies a free Will kit, said to be worth £100.
Sounds like a pretty enticing offer.
The Will kit is designed to help you understand what you need to know about drafting a Will, providing instructions to help you complete your Will.
The Feefo Platinum Trusted Service Award 2023 winner uses this offer to encourage users to enquire about their life insurance policies via a web-form.
There were no detailed terms and conditions for this offer on the Smart Insurance website.
Well-known brand Virgin Money are offering a free Will writing service to customers taking out a life insurance policy directly with them.
The terms of Virgin’s offer largely mirror that of the Beagle Street offer detailed above.
You’ll be entitled to a free Simple Will which will allow you to leave your estate to a maximum of 6 beneficiaries (without the use of trusts or tax planning).
If you’ve taken out a joint policy, you’re eligible for a Simple Will or a Joint Mirror Will.
Key points of the Virgin Money offer:
Specialist over 50 life insurance provider, British Seniors, are also offering a free Will kit worth up to £100.
As with Smart Insurance, this offer is a self-help Will kit designed to guide you through the process of drafting your will, using easy to understand instructions.
Again, this incentive is used to generate policy enquiries via a web-form.
There were no detailed terms and conditions for this offer on the British Seniors website.
Although not all insurers offer you a free Will when you take out a policy, most do offer some form of online support to help guide you.
When you consider a life insurance policy term can last 40 years and that premiums are paid every month, it’s clear that the most important aspect long-term is to secure the right policy protection at an affordable price.
Even if you were to benefit from taking out life insurance with a free Will worth £100, over the course of the term this is fairly insignificant in monetary terms, if the monthly premium is unnecessarily high.
The best way to find a suitable policy and to save money on premiums is to compare multiple quotes.
Different insurers have different underwriting criteria, which can result in very different monthly premium costs.
Having a Will is extremely important, especially if you have dependants who rely on you and major assets, in order to distribute your wealth as you wish.
However, the incentive of the Will should not detract you from choosing the most cost-effective and appropriate life insurance.
The main benefit of using a life insurance broker is the very personal service they’re able to offer each and every customer they interact with.
Obviously, this level of customer service is impossible via a comparison website.
A broker can be especially beneficial if you’re confused by the individual merits of each policy type or if you’re a non-standard, or impaired, applicant. For example, if you have had or currently have a pre-existing medical condition.
A credible brokerage can also help understand the often confusing life insurance jargon, answering any questions you may have.
Some brokers, like Reassured, can even lead you through the process of writing your life insurance in trust, at no charge to you. (Please note, not all insurers offer this feature).
At Reassured our award-winning service has helped arrange life cover for over 1,000,000 UK families and we don’t charge you a fee for our services.
So, why not put us to work today, to see if we can help save you money by comparing quotes?
Do I need a Will?
If you have children and/or own a property, then it’s generally a good idea to write a Will.
If you pass away without a Will in place, your estate automatically follows what’s called the rules of intestacy, which might leave elements of your estate to people you didn’t intend.
Much like life insurance, a Will can also help look after your loved ones. As well as detailing how you want your wealth to be distributed, a Will can also be used to document who you want the guardians of your children to be, should anything happen to you.
Do I have to be over 18 years to write a Will?
Yes, in order to write a valid, legally binding Will you must be over 18 years of age.
Can a beneficiary be under 18?
No, a child under the age of 18 can’t benefit directly from a Will.
The funds would need to go into a trust until the beneficiary turns 18.
If, for example, you think 18 is too young for your children to inherit a large sum of money, you can detail the age in which they can benefit in the Will.
Can I change my Will?
It’s a good idea to check your Will every few years to ensure that it still meets your requirements.
For example, if you’ve divorced, remarried, had more children or lost a loved one, you’ll probably want to change who benefits from your estate.
However, once a Will has been signed and witnessed the only way you can change an existing will is by making an official alteration, (known as a codicil).
A codicil needs to be signed and witnessed just like a Will.
If major changes are required, it’s generally better to simply write a new Will which will supersede your outdated version.
Please note, before you have signed your Will you can make amendments without an issue.
What is a beneficiary of a Will?
The beneficiary of a Will is usually a person, although it can be an organisation, who benefits from a gift given by the person who made the Will (testator).
You don’t need to be related to the beneficiary to name them in your Will.
Is your life insurance part of the estate?
Yes. Unless your life insurance is written in trust it will form part of your estate, (and therefore be subject to inheritance tax).
Writing your life insurance in trust doesn’t cost anything and simply requires you to fill out an application provided by the relevant insurer.
What is an executor of a Will?
An executor is a person who is named in a Will as being responsible for administering your estate.
It’s common for a spouse to be named as the executor, however, it may be a good idea to name a substitute executor, perhaps your solicitor or family member, in case your partner passes away.
Can an executor be a beneficiary?
Yes, a beneficiary can also be an executor of a Will.
Where to store my Will?
It’s very important that your Will is kept somewhere safe and that someone you trust knows where it’s stored.
Commonly, a Will is stored with a solicitor or with a specialist Will service provider.
If you choose to keep your Will yourself, it’s important it is stored somewhere safe and ideally fire-safe.
Lastly, you need to write down the details of where your Will is located and share this information with your executors.
*All information provided regarding free wills available from these providers is accurate as of 13/06/23. The free wills offered are subject to change or withdrawal by the provider without notice
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