Divorce can be one of life’s most emotionally and financially complex events and unfortunately, many people overlook the importance of reviewing their financial arrangements during and after a separation.
Don’t Let Old Policies Make Costly Mistakes
Divorce can be one of life’s most emotionally and financially complex events and unfortunately, many people overlook the importance of reviewing their financial arrangements during and after a separation.
Recent research by Legal & General has revealed that 1 in 10 divorcees have forgotten to remove their former partner as a beneficiary on their life insurance
policy. Even more concerning, just 7% of couples discussed during their separation and only 6% formally waived rights to any joint cover they held.
This lack of attention to protection products can lead to serious consequences, from unintended payouts to ex-partners to gaps in financial protection when it's needed most.
Don’t Overlook These Key Steps:
Legal & General’s findings also show that post-divorce, just:
- 11% reviewed their Wills
- 4% took out critical illness cover
- 3% secured income protection policies
This suggests that a significant number of people may be walking away from divorce without adequate protection in place, or worse leaving outdated instructions that no longer reflect their wishes.
Why Does This Matter?
If your life insurance, Will, or protection policies still reflect a past relationship, your intended beneficiaries, such as; children, new partners, or other family members, may not be the ones who benefit. Additionally, if you are left without any critical illness or income protection post-divorce, you could be exposing yourself or your dependents to financial vulnerability.
How Can We Help?
We understand how overwhelming financial decisions can be during and after a separation. Our expert team is here to guide you through the process of reviewing and updating your protection policies, Wills and insurance arrangements, ensuring that they reflect your current circumstances and future intentions.
If you've recently separated or divorced, now is the time to review your financial protection.
Get in touch with us today to discuss how we can help you secure peace of mind, protect your loved ones and avoid costly oversights.
We’re here to help you move forward with confidence.
Please note: Our Wills & Estate Planning Service is arranged by introduction only.
As with all insurance policies, conditions and exclusions will apply. WILLS ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. CRYSTAL CLEAR FINANCIAL PLANNING LTD ARE NOT ACTING AS APPOINTED REPRESENTATIVES OF STONEBRIDGE MORTGAGE SOLUTIONS LTD FOR WILL WRITING.
