Yes, absolutely. Your family members should know what’s in your Will and honour that. A Will becomes especially important if the nominees of your term policy are not the intended recipients of your term policy payout.For example, let’s say you want to ensure your live-in partner receives your term insurance life cover. You may have named your parent as the nominee on your term policy but on your Will, you have specified that your live-in partner has the undisputed right to the payout. In such a case, your parent should know about your Will and they should honour that, i.e. when they receive the payout, they should transfer it to your live-in partner.