Is a Life Insurance program a substitute for a Will?

No. Life insurance is only one kind of property, which a person may own.  If a life insurance policy is payable to an individual, the will of the insured has no effect on the proceeds.  If the policy is payable to the estate of the insured, the payment of the proceeds may be directed by a will.  The careful person will have a lawyer and life insurance counselor work together on a life insurance program, as one important aspect of estate planning. Find out more in our Wills Forms section.