Warning: Unmarried Brits living together may not receive anything if their partner dies
Over a third of cohabiters are not aware of their rights if their loved one was to die, which could leave them financially vulnerable
Over a third (38%) of unmarried Brits living with their partner aren’t aware of their rights if their loved one were to pass away, according to Direct Line Life Insurance.
The firm found that, while over half (52%) of married Brits have a will, the proportion falls to just 26% of cohabiting couples.
In the dark
Millions of cohabiters mistakenly believe they would automatically receive their partner’s money, property and pension were they to pass away.
One in 10 cohabiting Brits think that if they own a home together, they would inherit their partner’s share of the property in the event of their death. However, the law states that surviving partners may only inherit the shared property if their partner expresses this intention in a will. If not, their share of the property would be inherited by their next of kin.
With over one in six (15%) cohabiting couples not leaving any instructions on what should happen to their estate if they pass away, it could leave families dealing with a confusing and complicated probate process at an already incredibly distressing time.
One in 20 unmarried, cohabiting couples wrongly believe that if their partner was to pass away, they would have immediate access to their money, possessions, and even pension.
The research also reveals that less than a third (29%) of cohabiting couples have life insurance which could leave their surviving partner and family in a difficult financial position, struggling to manage funeral costs, mortgage/rental payments and other everyday household expenditure.