I found a way to create an instant £1 million pound estate – a guarantee that those I love will receive an unbelievable thank you if the worst should happen to me in the next few decades. Interested in becoming a millionaire? Read on!

How? I used two tricks to find cheap life insurance and created a will online with Kwil* for just £90. Read on to find out more!

I’ve always been fascinated by the concept of legacy.

When I leave this earth, I want to be sure that I’ve made a lasting impact. Otherwise, what was it all for?

Part of that legacy will take the form of memories. I hope that if I treat others with kindness and respect while I’m around, this will help bring smiles for decades after I’m gone.

But I also want to be remembered by leaving behind life-changing sums of money. Enough to make a difference.

I want to leave a will that is generous and meaningful. I want to give a parting gift which will allow my loved ones to live incredible lives.

A will and testament is our last chance to express ourselves, to support great causes and to say thank you to the heroes in our lives. Nothing says thank you like being named in a will.

The problem: I’m 30. I don’t have a high net worth, certainly not close to £1 million.

So how did I guarantee that if I am hit by a bus tomorrow, I would pass on an estate worth £1 million?

Read on to find out! It was cheaper than you’d think!

How I created a £ Million Pound legacy

I found that anyone with a regular income can set up a million-pound nest egg for their loved ones for very little cost.

I was shocked at the price at which I managed to pull this off!

First, I grabbed a £1,000,000 life insurance policy for just £25 per month.

I used a few clever tricks to shave ££s off the usual quotes and save about £3,000 in total. I’ll explain these below.

Secondly, I dodged expensive solicitors and by using an online will writing service called Kwil* to create a legally binding will for just £90.

Choosing my £1m life cover

Like many would, I began my hunt for bargain life insurance on price comparison sites.

I still believe that this is an excellent way to understand the market and get a feel for what impact changing the coverage and term has on the price of coverage.

After experimenting with different periods, I decided that a 30-year term was the sweet spot.

The 30-year cover would take me to the age of 60, by which point I plan to have built a million-pound investment portfolio which will take over from the insurance policy.

By buying life insurance in the meantime I can guarantee that I will have a millionaire estate from day one.

Life insurance trick #1: Hunt around in the depths of Google

You will probably be aware that all insurance providers featured on price comparison websites will pay a commission to the portal for each sale sent their way.

This commissions can be substantial, and this jacks up the cost of the life policy you will buy. After all, the insurer needs to charge enough to cover the cost of the commission as well as the policy itself.

Direct Line and Aviva are well known for eschewing price comparison sites, but I found some other excellent deals by searching through pages 2 – 10 of the Google search result for ‘life insurance’.

Life insurance trick #2: Getting commission passed onto you

I found a gem of a life insurance broker who passes on all commission back to you through a lower monthly premium. In return, they ask for a very reasonable £25 flat fee.

You’ll be able to find this broker by searching online based on this description.

I personally found that this was super simple to use and resulted in the cheapest quote I could find online – of £25 for £1 million of cover.

That’s half the price of my mobile phone contract or a couple of Netflix subscriptions, for an incredible amount of financial protection.

Whichever way you think about it, I won’t notice this amount leave my account, and yet I’ll be able to sit safely in the knowledge that I have tied up my legacy with a neat bow.

Hunting for an insurance bargain was honestly more thrilling than I expected. Each time I shaved a few pounds off the monthly premium, I knew that I was banking a huge saving over the lifetime of the policy.

Creating my £1m will and testament

But now for the really fun bit, creating your will.

Creating a will is a dull affair for most people. So dull and insignificant that they never get around to it at all – with potentially disastrous consequences.

I am creating this will on my own terms, I have a £1m estate to divide up. I can be generous, thoughtful and creative in my choices.

Kwil* is the online will writing service that I used, which allowed me to make a will in under an hour. The only limitation was my imagination!

Of course, I want to make sure that my nearest and dearest are looked after, but I don’t need £1,000,000 for that purpose. I allocated £600,000 to my immediate family and then began brainstorming.

• I listed charities and non-profits that I felt passionately about, and gave to some good causes.

• I looked back to those who had truly gone above and beyond to help me through this difficult life, and made sure they didn’t go unnoticed.

• I also thought about those who could really do with a lucky break, and for whom a £10,000 gift appearing out of thin air would be a dream come true.

And yet, with the click of a button, I could make it happen. That’s the power of financial planning, and creating a will!

I hope that you are inspired by my story to consider creating your own million-pound estate, and more importantly – a plan to share the wealth!

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