Around one in two unmarried couples are at risk of losing out on life insurance policy pay outs as they have not made the proper beneficiary arrangements, according to new research from Scottish Widows.
The insurer surveyed 2,000 UK adults and found just over half (52%) of unmarried respondents were aware of their partner having life cover. Of these, 43% said their partner had made no plans to ensure they are legally entitled to their life insurance pay-out. Of those that were aware of their partner having life cover, around one quarter (27%) said they did not know the valuation of the policy. Meanwhile, around one third (34%) of respondents stated they rarely discuss long-term financial planning with their partner as it is deemed "unnecessary, awkward, or simply too difficult," incr...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, key trend analysis and industry insights.
- Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
- Receive breaking news stories straight to your inbox in the daily newsletter.
- Members only access to monthly programme 'The COVER Review'
- Be the first to hear about our CPD accredited events and awards programmes.
