Confused.com Research Reveals Life Insurance Timebomb Of Co-Habitees
Released on: November 07, 2011, 1:30 pm
Confused.com, the price comparison site, has revealed new
research which shows that 66% of people living together as a couple do
not have a will.
The new survey of 2,000 co-habiting and married adults also revealsthat 50% of
people living with their partner do not have life insurance. Unsurprisingly the
number of people who do have wills rises with age: 66% of over 55s have a will,
compared to just 24% of 18-24 year olds. However, 47% of over 55s who are
co-habiting or married do not have life insurance.
Despite not having these plans laid for the future, 65% of couples do have
mortgages, 45% of which are in joint names, and 28% say they could not afford the
funeral if their partner or spouse died.
Matthew Lloyd of Head of Life Insurance at Confused.com warns: "Having a will is a sensible step towards providing for the
future but if you don't have life insurance too then your partner may find
themselves facing money worries as well as grief should the worst happen. The cost
of life insurance is lower the younger you are and so you can save money by signing
up for a policy at a younger age. For example £100,000 of cover could cost as little
as 17p a day."
He continued: "There seems to be a myth that unmarried partners are automatically
protected but this is not the case. If one partner in a couple dies but you were not
married or registered civil partners then you won’t automatically get a share of
your partner’s estate if they don’t have a will."
5% of couples are embarrassed to talk to their partner about getting a will and this
figure rises to 10% among over 55s. When asked how they would pay for a loved one’s
funeral if the money was not there, 9% would opt for a pauper’s grave while 33%
would turn to family for financial help, 19% would take out a loan and 20% would put
the funeral on a credit card.
People without a will may wish to take advantage of Will Aid during the month of
November where many solicitors will waive their fee in lieu of a donation to the
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Confused.com was the UK's first price comparison site for car insurance.
Confused.com is one of the biggest and most popular price comparison services.
Launched in 2002, it generates over one million quotes per month. It has expanded
its range of comparison products over the last couple of years to include home
insurance, travel insurance, pet insurance, van insurance, motorbike insurance,
breakdown cover and energy, as well as financial services products including credit
cards, loans, mortgages and life insurance. Specialist life insurance comparison
includes over 50s life insurance,
joint life insurance and critical illness cover.
Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock
Exchange in September 2004. Confused.com is regulated by the FSA.
Confused.com press office
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