Most unmarried couples believe that they have more rights than they do making they are unaware of the financial penalty they might face. Almost all cohabiting couples assume that they would automatically receive their partner’s money, property and other valuables if they passed, however, that is far from the truth, putting a lot of Brits at unexpected financial risk at a time they will be grieving the loss of their loved ones.
A recent study has shown that almost one-third of cohabiting couples are unaware of their legal rights in the event of their partner’s death. One in ten individuals believed that they would inherit their partner’s share of property and assets, but in reality that would only be the case if the will of the deceased specifically stated that as his/her wishes.
According to the survey a worrying 26% of cohabiting partners had a will and even less than one-third of these same couples had a life insurance policy in place, a big reason to worry.
While the most obvious choice would be to get married, most cohabiting couples are either saving for their marriage or are not ready for the type of commitment and while a will could essentially solve 50% of your financial problems, we want to go one step further and offer you an even better solution.
Life insurance policies pay out a lump sum to your loved ones in the event of your passing. The policy requires you to name a beneficiary who will receive the payout from your policy when you pass away. Insurance policies are particularly beneficial if you have dependents (especially young children) and help them have financial stability in your absence.
The payout from the insurance policy could help pay the household bills, for your children’s education, mortgage, personal loans and even for your funeral.
Cohabitating couples are highly encouraged to purchase life insurance policies and also to understand the laws that are implemented regarding inheritance for them so they can plan for their financial future better.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00