Do You Need A Will For Life Insurance?
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63333 POINTSview profilePeggy MaceMost of the U.S.No, you do not need a will for life insurance. Some people do make a will at the same time they purchase life insurance, while they are taking care of some future planning, and it is a good idea to have a will. But it is not necessary to have a will in order to take out life insurance. The money in the policy will go to the beneficiary stated in your life insurance policy, regardless of what the will states.Answered on December 30, 2013flag this answer
3998 POINTSview profileMatt BenoreFounder, DenverWest Insurance Professionals, Inc.,A will is not required with Life Insurance as you state who the beneficiary is. This overrides what the will says. If your beneficiary is a Trust or your Estate, then I would recommend having a will along with the Trust & Estate documents. Life Insurance proceeds avoid probate however a Will does not. Probate court will use the will to hear the last wishes but is not guaranteed it will be carried out especially if there are debts that are being pursued.Answered on December 30, 2013flag this answer
5877 POINTSview profileStan Cox IIInsurance Adviser - Broker, SC Insurance Services, Oahu, HawaiiHaving a will is definitely not a requirement for obtaining life insurance. Typically you must name a beneficiary when you apply for life insurance and that is who will receive the death benefit of the policy as long as it is in force when the insured dies. Unless the beneficiary died before the insured does. If there is no named beneficiary when the insured dies then the death benefit will become part of the estate. If then there is no will the estate will go to probate.Answered on October 9, 2015flag this answer
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