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The importance of having a Will and Life Insurance

The importance of having a Will and Life Insurance

There are only two things for certain in this world; you’re going to pay taxes, and well, you’re going to leave this world someday. Now, I know that might sound a bit grim, but bear with me - planning for the inevitable is a smart move. When we talk about preparing for the future and ensuring your loved ones are looked after when you’re no longer around, the first thing that often comes to mind is life insurance. It seems like the logical starting point, and it absolutely is. However, there’s more to it than what you may initially think…

Life Insurance is all about safeguarding your family’s financial well-being in the unfortunate event of your passing or terminal illness. But you know what? Wills have a similar role. So, in this read, we’re going to unravel the difference and reveal why having life insurance isn’t the only piece of the puzzle; it’s equally vital to have a solid Will in place.

Understanding Life Insurance

We have heaps of life insurance resources available to help you understand life insurance and how it could work for your unique financial situation. But, in summary, life insurance can be a guardian angel. If the unexpected were to happen, life insurance takes a glimpse of pain away by sorting your financial needs in the time where it’s needed most. The cash induction is like a lifeline during a storm.

Life insurance means your family won’t have to worry about outstanding loans, mortgages, or credit card bills, because your life insurance can go towards those hefty and consistent costs. Life insurance is especially essential for the main breadwinner for the household - your household will remain steady and help them maintain their lifestyle and meet everyday expenses.

Understanding Wills

Life Insurance sounds awesome, doesn’t it? That’s because it is, but we also want to talk about Wills and why they are important. They are the master of distribution - it’s your way of saying this is who gets what through detailing how you want your assets, property, and belongings (aka your stuff) distributed. The best benefit is that you leave your family in a place where potential disputes, confusion and falling out is minimised. You protect your partner, children and people who are special to you.

Wills are personal to you - it’s your way of shaping the future, and it’s led to some fascinating tales. Let’s dive into a few quirky examples that will surely tickle your imagination.

  • Roger Brown’s Adventure
    • In 2013, Rifer Brown left a written Will that bankrolled an unforgettable weekend getaway for his seven closest friends to a European city - all on his tab. The memories were priceless

  • Charles Millar’s Unique Legacy
    • Charles Millar’s Will took a twist of its own. He bequeathed his entire estate to the married women in Toronto who could give birth to the most children within a decade after his passing. The result? Four women ended up sharing the estate, each blessed with nine bundles of joy (that’s a lot of bundles!)

  • Trouble’s Million-Dollar Inheritance
    • In 2004, a billionaire had an exceptional beneficiary in her mind - her nine-year-old Maltese named Trouble. A staggering $12 million was set aside for the pampered pooch, leaving a tail-wagging testament to the bond they shared.

  • The Random Fortune
    • Eve considered leaving your fortune up to fate? A notable case had 70 people receiving unexpected phone calls - they were the chosen beneficiaries of a Will that instructed names to be drawn at random - a reason you may still want to be in the phonebook!

These quirky stories remind us that Wills aren’t just about legalities; they’re about leaving a piece of your unique story behind. While your own Will might not make headlines, it’s your chance to weave a narrative of care and consideration, ensuring that your loved ones are shielded from potential disputes and uncertainties. Your partners' children and those dear to you will surely find solace in your thoughtfully crafted wishes.

Life Insurance and Wills

So, here’s the thing - why are we, a life insurance company, delving into the topic of Wills? Because in our eyes, they’re like two peas in a pod that can provide a double-layered security. You see, a life Insurance policy comes with a nifty feature: the ability to designate an owner. When you sign up for Life Insurance with Pinnacle Life, you automatically become the policy owner and have the flexibility to change the owner of your policy from that point on. This owner is the lucky one who’ll receive the insurance payout if, and heaven forbid, the time comes. But here’s the curveball life likes to throw - what if the owner isn’t changed, or the designated owner is caught in the same unexpected twist? That’s where the plot thickens, and this is where having a Will as your backup security blanket steps in.

Picture this: your life insurance and estate unexpectedly go up for grabs - all the policy owners, subject to a government-dividing formula. Now, don’t get us wrong - we trust formulas, but do they really capture the essence of your wishes? Your family’s future might end up in the hands of the mathematical unknown. That’s why, amidst all the fine prints and formulas, we’re waving the flag for Wills - your personalised roadmap that ensures your intentions triumph over twists of fate, and your loved ones remain under the protective shield you’ve carefully woven.

So - What should you do?

Embrace both life insurance and Wills for robust protection and save your loved ones any stress. While life insurance acts as your financial safeguard, Wills ensure your intentions are carved in stone. Together, they build a resilient fortress, shielding your legacy and offering your loved ones a secure tomorrow. As you navigate the road ahead, keep in mind the power of both life insurance and Wills - a comprehensive protection that stands strong against life’s uncertainties.

Ready to secure your family’s financial future with life insurance? Get started today!

If you’d like to explore how to get a will, have a read here.

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