Here is an article by James Thomson, Claims Relations Manager at Asteron Life which explains to customers what they should be doing once they have taken out life insurance. In essence:
- Tell someone about it
- Keep it safe - but not secret
- Add it to your will
- Don't forget about it
The central fact here is that it has value, and people need to know about it to claim on it. The way you do that is important. A schedule of assets is useful (although I wouldn't make that actually part of a Will, but rather a useful document that you share with the right people from time to time). Who the right people are, and what you say about your wishes in the event of your death is another matter - and one you should discuss. If you haven't had that conversation within the last few years, put a reminder in your diary to talk it over with your nearest and dearest soon.