Hi
Just wondering if one has life assurance does one have to make a will to state who gets it when one dies? my friend has 2 kids he does not have property (he rents) and he wants to take out life insurance in case something happens to him so that there is something there for the kids when they come of age, also he was not married to their mother and wants to make sure that she wont benefit from his death, ideally he wants the kids to recieve money when they reach 21 or whatever the age is, 18 is a bit too young.
Just wondering if one has life assurance does one have to make a will to state who gets it when one dies? my friend has 2 kids he does not have property (he rents) and he wants to take out life insurance in case something happens to him so that there is something there for the kids when they come of age, also he was not married to their mother and wants to make sure that she wont benefit from his death, ideally he wants the kids to recieve money when they reach 21 or whatever the age is, 18 is a bit too young.