IS IT POSSIBLE FOR A UNMARRIED COUPLE IN THE UK TO RECEIVE THE BENEFIT FROM A POLICY
The number of people living together as unmarried couples in the UK has grown from 1.5 million in 1996 to about 3.3 million in 2016 according to the office of National Statistics. So can a cohabiting partner have any rights to policies, insurance or property of the other partner after his or her death?
The short answer to this particular question should be, no. If your partner has not written a will or the life insurance has not been put into Trust, the insurance company will pay out the cover to their closest family member and partners are not covered as stated with the British law. People usually misunderstand the concept of living together for a long time, grants them rights as married couples. However, this is untrue.
According to British law, unmarried partners who are living together are no different than total strangers. It does not matter if you are living together for two months or 20 years, the only right you may get would be some provision for the children if there are any and for a limited time. So, how can you benefit from a life insurance policy?
BENEFITS OF PUTTING LIFE INSURANCE IN TRUST
As we mentioned above, putting the policy in Trust ensures that you will get paid from your partner’s life insurance policy. Otherwise, you may be left without cover. So, what are the benefits of having a life insurance policy?
- A life insurance policy pays out a cash lump sum should one of you die or get diagnosed as terminally ill.
- There are also different life insurance policy types which may provide regular monthly payments which will ensure your partner’s financial future and help them with their sorrow.
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