Estate Planning & Legacy for Families

Families with property, a business or accounts in more than one country can have a careful will and still leave their heirs short of cash for months. Life insurance does not replace legal estate planning, but it can help with one specific problem: liquidity.

Why liquidity matters

When someone dies, much of what they owned, such as land, a house, shares in a family company or accounts abroad, can take time to pass to their heirs. Settling an estate involves tax and legal formalities before many assets can be transferred or sold, and if there are assets in other countries, each has its own process.

Meanwhile, household bills, school fees, staff wages and loan payments continue. Families without enough ready cash may feel pressure to sell property or business shares quickly, at the wrong time or the wrong price.

What life insurance can and cannot do

It can provide cash to the beneficiaries named in the policy once Pru Life UK approves the claim, without waiting for property or shares to be sold. Some families also use it to help treat children fairly: one child takes on the family business, for example, while others are named as beneficiaries of a policy.

It cannot replace a will or legal estate planning, and it is not tax advice. For those questions, please take independent legal and tax advice.

Beneficiaries: name them, and keep them current

A policy’s beneficiary designation is one of the simplest and most overlooked parts of estate planning. Check that every policy names the people you intend, that the details are current after marriages, separations, births and deaths, and that someone knows the policy exists. How beneficiaries are designated can matter legally, so it is worth discussing with your lawyer before you decide.

Families across borders

Where a family has assets or members in several countries, things that are simple at home can become complicated. I recommend independent legal and tax advice in the Philippines and, where relevant, in your home country. Your will and your insurance should be planned together.

Where Pru Life UK plans can fit

• Term and whole life cover from the Life Protection range, where the aim is a defined amount of cash for named beneficiaries.
• Lifetime cover. PRULifetime Income is a whole life plan, paid over a short term, combining lifetime protection with yearly cash payouts once an initial period has passed.
• Investment-linked life cover. PRUMillion Protect is a two-year-pay investment-linked plan designed for high life cover, with built-in disability and accident benefits. Premiums are invested in a choice of PRULink funds, and fund values are not guaranteed.

All applications are subject to Pru Life UK’s underwriting. For larger amounts of cover, Pru Life UK may ask for medical and financial information before deciding whether to accept an application and on what terms.

How I work with your other advisers

My part is the insurance: how much cash might be needed, how quickly, and for whom; which plans are worth considering; and keeping beneficiary details in order. Wills, succession and tax stay with your lawyer and accountant. With your permission, I’m happy to work alongside them.