Don’t Let an Outdated Policy Rewrite Your Legacy

Why Updating Your Life Insurance After Drafting a Will Is a Must

You’ve finally ticked off that long-overdue item on your to-do list: creating a Will. That’s a huge step, one that lays the foundation for protecting your loved ones and passing on your legacy.

But before you file it away and move on, ask this crucial question: When was the last time you checked your life insurance beneficiaries?

It may seem like a small detail, but in estate planning, it can have major consequences.

Your Will Says One Thing, But Your Insurance Policy Might Say Another

A Will lets you decide who inherits your assets. But when it comes to your life insurance, the named beneficiary on your policy form takes precedence, no matter what your Will says.

So if your policy still names an ex-partner, a parent instead of your spouse, or an outdated trustee, the payout will go to them. Even if your Will says otherwise.

In other words, your well-planned intentions could be overridden by an old signature.

The Cost of Inaction

Many people assume that writing a Will covers everything. But insurance proceeds are governed by policy nominations, not the instructions in your Will.

Failing to update your life insurance after major life changes like marriage, divorce, the birth of a child, or a new estate plan can lead to:

• Unintended beneficiaries receiving large payouts
• Unequal inheritance among loved ones
• Family disputes or legal challenges
• Financial strain on those you meant to support

Keep Your Will and Insurance Aligned

To truly protect your legacy and ensure fair distribution, both your Will and life insurance nominations need to be on the same page.

• Want one child to inherit the family business? Use life insurance to provide an equal benefit to the others.
• Want to leave funds for a special needs dependent or elderly parent? Nominate a trust or guardian appropriately.

It’s not just about writing a Will or buying insurance. It’s about making sure they work together.

Here’s What You Can Do Now:

✅ Review your existing life insurance policies

✅ Confirm who the listed beneficiaries are

✅ Assess whether those nominations still reflect your current wishes and Will.

✅ Update the nominations if needed, and speak with a professional to ensure they complement, not contradict, your estate plan.

Legacy Planning Is Not “Set and Forget”

Life evolves, and so should your plans. Whether you’ve just created a Will or it’s been years since you’ve reviewed your policies, now’s a great time to check in.

A simple policy update today can prevent a world of confusion tomorrow.

Your legacy deserves more than good intentions. It deserves clarity and alignment.

Disclaimer:‍‍‍‍‍‍ Investment carries certain risks. You should not just rely on results as an indication of your financial needs. You should understand and familiarise yourself with any investment and the associated risks before investing. You are also recommended to seek professional advice before making any decision to buy, sell or hold any investment or insurance product. The views and thoughts expressed in the post belong solely to us, and not to Manulife Financial Advisers Pte Ltd, or any other group of individuals.