Life insurance with free Will Kit

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).

Life insurance with free will writing

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…

What are the benefits of writing a Will?

Before we delve into the best life insurance with free Will offers available, it’s important to identify the key benefits of a Will:

  1. Appoint legal guardians for your children
  2. Gift possessions and money to loved ones (beneficiaries)
  3. Ensure the right beneficiaries receive the right gift/s
  4. Decide who you would like to settle your affairs (executor)
  5. Safeguard your family home
  6. Detail your funeral/end of life wishes
  7. Avoid the consequences of intestacy
  8. Protect your partner if you're not married
  9. Limit inheritance disputes
  10. Avoid paying more inheritance tax than is required
  11. Support a charity financially
  12. State who you wish to look after your pet/s


Now let’s take a look at the free Will offers currently available in the market*…

Beagle Street - Free Will writing service

Insurer Beagle Street are currently offering a free Will writing service to all their customers, after partnering with a Will specialist.

But how does it work?

Free will writing Beagle Street

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:

  • Offer only open to UK residents
  • Customers purchasing a policy are eligible for a free Will if their policy is live, payments up to date and Beagle Street haven’t been instructed to cancel the policy
  • Any additional costs required for a more complex Will won’t be covered by this offer and you’ll be charged
  • The Free Will will be provided by either of the below depending on where you live;
    - NM Money is a trading name of NM Mortgages Ltd (England and Wales)
    - Gildeas Limited (Scotland)
    - Stewarts Solicitors (N. Ireland)
  • This offer is non-transferable and can only be used by the policyholder
  • You have 6 months in order to complete and submit the required documentation in order to be eligible
  • You’re only entitled to 1 free Will
  • Beagle Street reserves the right to recover the full cost of the free Will if the policy is cancelled within 6 months of taking up the offer

Smart Insurance - Free Will kit worth £100

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.

Free Will writing Smart Insurance

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 2020 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.

Virgin Money - Free Will writing

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.

Free Will writing Virgin Money

Key points of the Virgin Money offer:

  • Offer only open to UK residents
  • Offer is valid for 6 calendar months from the purchase date of the policy
  • Customers purchasing a joint policy will be eligible for a Free Simple Will or a Joint Mirror Will
  • Any additional costs required for a more complex Will won’t be covered by this offer. You’ll be charged for any additional services required
  • The free Will will be provided by either of the below depending on where you live;
    - NM Money is a trading name of NM Mortgages Ltd (England and Wales)
    - Gildeas Limited (Scotland)
    - Stewarts Solicitors (N. Ireland)
  • You’re only entitled to 1 free Will
  • Policies taken out on/after 22/05/17 qualify for a free Will
  • Virgin Money reserve the right to recover the full cost of the Free Will if the policy is cancelled within 6 months of taking up this offer

British Seniors - Receive a Free Will Kit

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.

British Seniors life insurance with free Will

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.

Most insurers and comparison websites offer Will writing support

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.

From a Google search, we identified online support on Will writing from the following:

Writing a Will is vitally important, (but not at the expense of your life insurance)

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, but at the best 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 ensure you secure the right life insurance policy at the best available price 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 benefits of using a broker

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 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, such as Reassured, can even lead you through the process of writing your life insurance in trust, at no charge to you.

At Reassured our award-winning service has helped arrange life cover for over 814,000 UK families and we don’t charge you a fee for our services.

So, why not put us to work today, to help save you time and money?

Will FAQs

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 is 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.

Sources:

https://www.beaglestreet.com/learn/will-writing-service/

https://www.smartinsurance.co.uk/will-kit/

https://www.britishseniors.co.uk/will-kit/

https://www.legalandgeneral.com/life-cover/over-50s/news-and-articles/planning-for-later-life/writing-a-will/

https://uk.virginmoney.com/virgin/life-insurance/will-writing-service

https://life.virginmoney.com/static/TermsAndConditions

*All information provided regarding free wills available from these providers is accurate as of the published date of this article 26/10/2020. The free wills offered are subject to change or withdrawal by the provider without notice

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