Research conducted in Great Britain states that more than half of the total British population with ages of 40 and above have no insurances to cover for the surviving partner’s income, in case they die. Out of these, women aged 40 and above are more prone to entirely depend on the income of their partners at retirement, with 20%, while the rate for men doing the same is only 5%.
The research also mentions that nearly 28% of the total amount of couples, still need to discuss what will happen with the pension, in case one of the partners dies. An expert from Prudential, Mr. Vince Hughes, claims that couples ought to bear in mind more the problem of a safely and happy retirement for both of them, instead of discussing their daily basis finances. In other words, people reaching a certain age should be more careful about ensuring themselves and their partners for the future.
Moreover, with those already having discussed their retirement finances, there still remains an awful amount of couples who did not make any prior decisions regarding the incomes their partners are entitled to receive, once they die.
Furthermore, the research has also revealed some other troubling results. For instance, plenty of couples are still confused regarding their sources of their retirement incomes, while nearly 41% of the couples never discussed how they could transform their savings into a stable income after the retirement age.
In addition, 19% of the interviewed couples have already discussed some financial possibilities, but are yet to agree on the most feasible option. This leaves only 10% of the couples planning to appeal to a “joint life” policy, where the surviving partner will continue to receive a monthly amount of money after the person who first purchased the policy ceases to be in life.