Brits urged to buy life insurance as 1 in 3 left in debt
Experts urging families to take out life insurance as 1 in 3 left in debt following death of a partner
- A third left in debt
- 70% people felt financially unprepared for loss of their partner
- Those with plans in place such as Life Insurance are best able to cope
- Life insurance costs are less than you think. Just £5/mo
Thousands of grieving Brits are left facing dire financial consequences according to research from Royal London’s Losing a Partner report.
A third are left in debt, forced to rely on savings, sell possessions or borrow money from family or friends.
This report shows that those with plans in place, such as writing a will or buying life insurance were better able to cope with the financial and practical impact of losing a partner.
Life insurance is essential for those with dependents or responsibilities looking to protect loved ones from unnecessary debt and financial hardship.
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.
Claire Henry, Chief Executive of Dying Matters, says
…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?
Millions of Brits are taking out Life insurance policies to ensure their families are financially protected should the worst happen. Nearly 2 and a half million new policies are taken out every year.3
Cheaper and simpler than you think
Getting Life Insurance is easier and cheaper than you probably think. Policies start from as little as £5 a month and getting quotes takes just 30 seconds.
Most people, 75% in fact, use an advisor to help them choose the right policy to suit their needs.
AblePlan’s 30 second service will provide you the quotes and support you need to make the best choice for your family.
Start your search for UK life insurance
