Do I Need A Will For Life Insurance?
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482No, not necessarily. A Life Insurance policy is a contract between you, as the owner and insured, and the insurance company. In it, you decide to whom you want the proceeds paid upon your death. This is the Primary Beneficiary. You may also name a Contingent Beneficiary who would receive the proceeds if for some reason your Primary could not. Though certainly recommended for financial planning purposes, a Will is not necessary to manage any of the elements of a Life Insurance policy. Of course, you should check with your Attorney and ask about any legal questions regarding this.Answered on October 28, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaA life insurance policy is a contract. The provisions of the policy operate outside of probate. A will is not required to direct the proceeds of a life insurance policy. The only time that it does direct the proceeds is if the beneficiary and contingent beneficiary are no longer alive or waive their right to receive the funds. That is really one of the beauties of life insurance. It passes without probate to those who you love in a very timely manner.Answered on August 26, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! There is no need to have a will when you purchase life insurance, nor does including your life insurance in your will generally matter. Your named beneficiaries will typically collect regardless of the will, and bypass most probate tries. Life insurance was designed to protect the insured's wishes, and it does a pretty good job, as long as you did your part, and named beneficiaries. Thanks for asking!Answered on August 27, 2014flag this answer
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