A free booklet, The Fact of Life, is issued by the insurance giant to provide information on what cover is appropriate for individual family and individual situations. Pick it up at insurance brokers or qualified financial advisors and consider where you and your dependents stand with your present financial arrangements.
There were other surprise fundings in this Autumn’s survey. 72 per cent of divorced or separated couples admit to not discussing the need to safeguard spouse and child maintenance payments in the event of death.
Interestingly, cohabiting couples under 35 are even less likely to cope financially if an unexpected illness or disability strikes as 46 per cent of young cohabiting couples admit to suffering serious financial problems if one of them became seriously ill. A further 25 per cent of cohabiting couples admit they would be left with a serious financial problem if one of them died unexpectedly.
Appropriate insurance can provide against worst case situations, especially with respect to provision for child care.
“Life assurance and specified illness cover are one of the few ways unmarried couples can financially protect one another in the event of sickness, disability or even death taking place,” says Gareth McQuillan of Hibernian Aviva Life & Pensions. “In the event of death or if you are diagnosed with a specified illness or become totally and permanently disabled you will receive a guaranteed cash sum to help support you and your partner, so life assurance and specified illness cover really makes financial sense”,
