When we think about safeguarding our financial future, life insurance, critical illness cover, health insurance and private medical coverage are usually top of the list. However, there’s often a gap in many people’s strategies and it can undermine even the most comprehensive protection plan: the absence of a Will. 

At MOORE Health & Protection Ltd, I’m always chatting to clients who have done everything right on paper. They’ve calculated their family’s financial needs, taken out life cover and maintained their policies for years. But, when asked what happens to those funds or their other assets once paid out, questions arise. 

Having the right insurance in place is only half the battle. You also need to ensure the right money goes to the right people at the right time – and this requires a Will.

Insurance and Wills

Lots of people believe that having a life insurance policy automatically ticks the estate planning box. While life insurance provides a tax-free lump or income stream upon your death, a Will acts as a legal blueprint directing your entire estate. Without one, your assets and potentially the proceeds of your estate are governed by outdated rules. 

Placing your life insurance policy into a trust ensures that specific payout goes directly to your chosen loved ones quickly, bypassing probate and ensuring those funds go exactly where intended.

In short, life insurance provides liquidity but a Will provides direction. It allows you to explicitly state who benefits from your estate, avoiding family disputes and administrative delays during an already challenging time. 

What’s more, if you have dependents, a Will is the only legal document where you can nominate official guardians for your children. Insurance covers their financial needs but a Will secures their physical and legal care.

Finally, dying without a Will usually results in a longer and more complex probate process – often with additional fees. A simple and well-drafted Will means your beneficiaries can receive their inheritance without any unnecessary friction. 

Bridging the gap

Estate planning can feel overwhelming and time-consuming. Many people I’ve spoken to have put off writing a Will because they assume it requires lots of face-to-face meetings and hefty solicitor fees. But with MOORE Health & Protection Ltd that’s just not the case.

We believe protection should be straightforward and accessible which is why we now offer a completely free Will writing service as part of our core client offering. It takes just a few minutes and removes the stress from estate planning. 

If you do have complex family set-ups, foreign assets, complex business requirements or specialist needs, we’re also able to work directly with a network of trusted partners to ensure you receive bespoke legal advice that’s suited to your circumstances.

Reviewing the bigger picture 

When drafting your Will it’s usually a great time to assess your wider financial safety net.

• Is my current life insurance payout sufficient to clear any mortgage and debts?
• Would my family be able to maintain their standard of living if my income stopped tomorrow?
• Does my health or income protection cover reflect my current lifestyle and family responsibilities?

Remember, estate and financial planning isn’t just about what happens after you pass away, it’s about building a plan that protects your health, income and your loved ones through every stage of life.

Take two minutes for peace of mind

Securing your financial future shouldn’t feel like a burden. Whether you already hold health and life policies with us or are simply looking to get your affairs in order, taking a few moments to draft your Will is one of the most proactive steps you can take. So, explore our free Will writing tool. It takes less than two minutes to complete, giving you complete peace of mind that your family’s future is fully secured.

Plus, if you’re interested in reviewing how your life, health or critical illness protection ties into your broader plan, get in touch for a friendly, no-obligation consultation.

MOORE Health & Protection Ltd is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales no. 15020771. Registered Address: 17 Eyam Road, Hazel Grove, Stockport SK7 6HP.