Almost three quarters (73%) of cohabiting couples in the UK do not have life insurance, the recently released findings of a new poll suggest.
According to the YouGov survey, which was commissioned by life insurance company Zurich, more than 2.4 million cohabiting families are currently leaving their relatives open to potential financial problems once they pass away.
For the survey, YouGov quizzed more than 2,000 UK adults. They found that despite being the fastest-growing family type in the country and not enjoying the same legal rights as married couples, the majority of cohabiting families are neglecting life insurance.
In contrast, only 56% of married couples do not have life insurance.
The research discovered that 87% of cohabiting families in London, 79% in the West Midlands and 79% in the East of England do not have life insurance, placing these three regions at the top of the least likely in the country to have life insurance list.
On the other hand, 68% of cohabiting families in Wales, 68% in the North East and 52% Scotland do not have life insurance.
Encouragingly, the region with the most cohabiting families, the South East, also has one of the highest proportions of those having a life insurance policy in place.
Figures from the Office for National Statistics (ONS) show that cohabiting families have been the fastest-growing household type over the last decade; more than doubling from 1.5 million to 3.3 million since 1996.
Number of people getting married declining
Furthermore, ONS data shows that the number of people getting married in the UK has declined by more than 6% since 2012. This is likely to be due to the increase in couples choosing to cohabit instead.
Peter Hamilton, Head of Strategic Partnerships at Zurich, said the nuclear family is no longer the norm in the UK. While marriage is still very much on the cards for some, many couples are choosing to cohabit instead, and will do so for the rest of their lives.
“Whether we marry or live together, the needs of loved ones left behind shouldn’t be overlooked. Putting the right plans in place, if anything, is more important for cohabitees, where the law for those without a will is different to that for married couples. Life insurance can ensure the right money can go to the right person at the right time,” he said.
Interestingly, additional research from Zurich found that women insure themselves for up to 30% less than men. While men insure themselves, on average, for more than £210,000, women tend to insure themselves for just under £150,000.
If you’re not married, which many couples aren’t nowadays, your family could be at risk financially if you or your partner dies. Premier Choice Group can help you find suitable life insurance to suit your needs and your budget.
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