For some insurance companies, there'll be a beneficiary listed on the policy. This is the person (or people, if multiple are listed) who'll be paid out the insured sum of the policy when the insured person passes away.
At Chubb Life, we don’t have beneficiaries on life insurance policies. Instead, the payment is made either to any surviving joint policy owners, or in accordance with the policy holder’s will. A will is a legal document which clearly details how you want your assets, or any other meaningful items, to be distributed when you pass away. A will has an executor listed on it. This is the person who's been nominated to manage the estate of the deceased on their behalf.
Most people will encounter a lot of changes throughout their life - you might welcome a child into the world, get married or invest in a property, for example. Detailing these personal circumstances on a will ensures your final wishes are honoured and your family are taken care of when you pass away.
To summarise: writing a will is a way to make sure that your financial legacy is protected and passed down to your nominated loved ones.