According to the Office for National Statistics, in England and Wales 198,586 married people lost their spouses in 2016. This accounts for nearly 4 out of 10 deaths (38%).1
They’re shocking and sobering statistics, but they do remind us that the unthinkable can and does happen to many couples. Realising the effect the loss of a partner has on loved ones left behind can only help us prepare.
Of the 500 people surveyed in our ‘Losing a Partner’ report, 69% said they felt either financially (e.g. meeting costs or adapting to lower income) or practically (e.g. managing day-to-day tasks at home) unprepared for the death of their partner. Four in ten (42%) said they were unprepared both practically and financially, while only a small minority of 11% said they were completely prepared for the financial and practical impacts of bereavement.2 Across the population of bereaved spouses, this would mean that at least 137,024 people are bereaved each year and are unprepared for what they will experience.
Such an experience is naturally devastating, and while you may not be able to prepare for every eventuality, putting life insurance in place for your family can help them avoid some of the most catastrophic financial effects.
1Office for National Statistics, 12 October 2017: Deaths registered in England and Wales (series DR)
2Royal London 2016: Losing a Partner - The financial and practical consequences, Parts 1 and 2
With Life Insurance, you can leave your family money when you die. You choose how much you want to leave, and how long you need the cover. You make payments and in return, your family feels secure – because if you die while covered, you can leave them some money.
6 good reasons choose us
- Be covered in minutes – with our easy online application.
- Money that can make a real difference – up to a £500,000 single payment or up to £2,500 a month.
- Payments start from £5 a month - that's only 17p a day!
- Extra peace of mind – we include Terminal Illness Cover, at no extra cost.
- Three types of cover to suit your lifestyle and budget – Level Cover, Decreasing Cover and Family Income Benefit.
- 2 million trust us – join policyholders across the UK who rely on us to protect their families - based on life and protection policies as at December 2017.
Serious Illness Benefit
For extra protection, you may be eligible to apply for our Serious Illness Benefit for an additional cost. It provides financial cover for you and your children if diagnosed with one of the six common serious illnesses that are covered by the policy and meet our definition, and survive for 30 days.
If you add Serious Illness Benefit for yourself, you also get Children’s Benefit cover at no extra cost. That means your children get cover for the same conditions defined by the Serious Illness Benefit and survive for 30 days. It pays out 25% of your Serious Illness Benefit, up to £25,000…giving you some breathing space to take time off work and care for them.
For more information, click here.
Important things to know
- Our Life Insurance has no cash-in value – it’s a protection policy only.
- If you stop making payments, your cover ends and you won’t get anything back.
- If you’re a UK resident aged between 18 and 70, excluding members of the Armed Forces or reservist, you can apply.
- If you add Serious Illness Benefit and a claim is paid, this cover ends, but Life Insurance continues.
- After a Children’s Benefit claim on a child is paid, this cover ends for that child but continues for other children covered – Life Insurance and Serious Illness Benefit continue. Children aged 30 days to 18 years old (21 if in full-time education) are eligible for cover.