Experts urging Brits to better protect loved ones
Seven in 10 people bereaved say they felt financially unprepared for the loss of their partner
- 70% people felt financially unprepared for loss of their partner
- 58% struggling on lower income
- People who have made plans are best able to cope with financial impact of loss
- Experts urge families to make plans
- Life insurance costs are less than you think. Just £5/mo
131,514 of people who lose their partner each year left facing dire financial consequences according to research from Royal London’s Losing a Partner report.1
A third are left in debt, of those, 15% see their debts increase following the death of their partner. 29% have had to use their savings to survive. 14% have to sell possessions or assets and 13% must borrow money from family or friends. 2
Those left behind are forced to make drastic lifestyle changes in order to cope financially. All this at a time when they are vulnerable and struggling to cope with grief and the emotional impact of their loss.
The more preparation made by couples (i.e. making specific plans like writing a wills or buying life insurance), the better they are able to cope.
Experts are now urging more families to take measures to protect their partners and children in the event of an unexpected death or loss of income.
Tom Johnson, Director or Trajectory, said:
“From an immediate drop in income, through to depletion of savings over time, and worsening financial security, the monetary impacts are compounded by day-to-day ones, as those left behind can struggle to make do without the help and support of their spouse or partner.”
Claire Henry, Chief Executive of Dying Matters, comments on the financial impacts highlighted in the reports
“…we owe it to those we love for them to know that we have done what we can to minimise the consequences, and put our house in order.
Talking about death and dying won’t make it happen. But not talking about, not planning for it, can leave individuals worse off than they need be. ”
How can I protect my family?
Life insurance is one of the most popular and accessible ways to protect your family. It is the preferred choice for millions of families in the UK, with nearly 2 and a half million new policies being taken out every year.
Life insurance can help cover costs such as mortgage payments and household bills in the event that a member of your household dies or is critically ill.
There are different policies available to suit the requirements of your family. Most families take expert advice to help them choose the right policy for their needs.
Cheaper and simpler than you think
Getting Life Insurance is not as complex or as costly as it sounds! Policies start from as little as £5 a month and expert advisors will help you choose the best cover for your situation.
Finding an advisor is quick and easy. AblePlan’s online service takes just 30 seconds to complete and provides quotes for the right policy to suit your needs.
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