What is the difference between a will and life insurance?

A will is a legal document used to outline the last wishes of the deceased. The will divides assets (usually money and property) among heirs and outlines instructions for anything else that the deceased wants to plan for after their death. Usually, a will is drawn up with an attorney, there are many types, and different states have different regulations pertaining to wills.

Life insurance is a contract with an insurance company that provides a death benefit (cold, hard cash) to beneficiaries upon the death of the insured. A will does not affect a life insurance policy unless the beneficiaries are not able to accept the death benefit, in which case the death benefit may go to the estate, which is often determined by the will.

Sound confusing? It is! Thankfully, our process for ensuring the financial security of your loved ones is fairly straightforward, and our wysh granters are standing by to walk you and your beneficiaries through the process of getting you insured or filing a claim after your death. You’re in good hands!

Was this article helpful?
0 out of 0 found this helpful

Articles in this section

See more