What Can I Leave Behind for My Grandchildren? | Cover Direct
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What Can I Leave Behind for My Grandchildren?

Becky Simmonds, author

Becky Simmonds,
16 December 2020

Reading time: 5 minutes

Whether it is playing dressing up, kicking a ball around the park or being there to wave them off to university, there is nothing quite like spending time with your grandchildren.

It's nice to be able to show them how much you love them with hugs and kisses, but also by leaving something behind when you die. You can do this in your Will, but did you also know that your grandchildren can be beneficiaries of your life insurance policy?

If you are covered by life insurance at the time of your death, the policy pays out a lump sum for your beneficiary or beneficiaries. You can name a grandchild as a beneficiary, which means you can continue to support them as they grow.

While life insurance is often used to cover the cost of a funeral or pay off a mortgage, it can also be a way to leave money to your grandchildren. They might use it to travel, pay university fees so they are not saddled with debt, or as a deposit for a house or flat to get onto the property ladder.

It is your personal choice whom you name as a beneficiary of your life insurance policy. Some people choose a spouse or partner, their children and grandchildren, a friend or even a charity. Who will you choose?

Life insurance can help you leave behind a considerable lump sum for your family, so get your free life insurance quote now. Simply fill out the online form to receive your bespoke price.