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Times are tough and money could certainly be considered a life or death matter for millions of Brits right now. The latest research from a price comparison website found that a staggering 28% of people could not afford to give their partner or spouse a funeral if they were to pass away. The figures show that 9% of Brits would go as far as to opt for a pauper’s grave. A further 33% of people would turn to family for financial support during a difficult time. The study of over 2,000 people found that 19% of cash strapped mourners would take out a loan, and a further 20% would put the funeral on a credit card. Despite these results, 50% of married and co-habiting couples do not have life insurance. 66% of over 55 year olds do have a will though, this is compared to just 24% of 18 to 24 year olds.
Matthew Lloyd, 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.” Compare life insurance with Money Expert.
The study also revealed that 5% of couples are embarrassed to talk to their partner about getting a will, this rises to 10% for the over 55s. "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," Mr. Lloyd continued.
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