| If you own your life insurance policy and pass away prematurely, the funds may not go where you want them to. Bear in mind, you will not be around to referee! Many clients own insurance policies on their own lives. This may make good sense for an income protection policy or a trauma policy. Life insurance, however, is put in place to protect the people left behind so if you have not set up the ownership structure correctly, the benefit may end up going to your ex! |
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Another risk is if you do not have an up to date will in place which clearly states where you would like your assets to go in the event of your death. If you have not dealt with this estate planning issue, you may well leave a mess behind for your estate to sort out in terms of both cost and time. Worse still, the assets that you have worked so hard to create may not go to the people you want them to! If you would like to have a chat about your policies, please give me a call as I’m happy to have a look at your current structure of cover to ensure it will achieve what you want it to. |