The Importance of Making a Will with Life Insurance
Creating a will and securing life insurance are both crucial steps in ensuring your family’s financial security and peace of mind. While each serves a unique purpose, together they form a comprehensive protection plan for your loved ones.
Why You Need Both a Will and Life Insurance
• Life Insurance: Life insurance provides a financial safety net for your beneficiaries by replacing your income if you pass away. This ensures that your loved ones can maintain their standard of living, cover daily expenses, and pay off any outstanding debts, such as a mortgage.
• Will: A will is a legal document that outlines your wishes regarding the distribution of your assets and the care of any minor children after your death. It helps avoid the complexities of probate court and ensures that your estate is handled according to your wishes.
How They Work Together
Financial Security: Life insurance provides immediate financial support to your beneficiaries, helping them manage expenses and debts without delay. A will ensures that your assets are distributed as you intended, providing long-term financial stability.
Avoiding Probate: Life insurance benefits typically bypass the probate process, allowing your beneficiaries to receive funds quickly. A will, on the other hand, guides the distribution of your estate, ensuring that all your assets are handled appropriately.
Comprehensive Protection: Combining life insurance with a will ensures that all aspects of your financial legacy are covered. Life insurance addresses immediate financial needs, while a will takes care of the long-term distribution of your assets.
Benefits of a Comprehensive Plan
• Complete financial protection that covers multiple life events and provides a safety net for your loved ones.
• Personalised coverage tailored to your specific needs and budget, ensuring that both immediate and long-term financial goals are met.
• Peace of mind knowing that your family is protected and your wishes will be honoured.
Take Action Now
At Larkbridge Mortgages, we encourage you not to wait to secure your family’s future. Speak with one of our protection advisers to create a comprehensive plan that includes both life insurance and a will. This proactive approach ensures that your loved ones are well-protected, no matter what life brings.
If you’d like guidance or want to get started, contact us today — we’re here to help.
