According to research from a provider, which included interviews with 2,945 divorced adults in the UK, a concerning trend has emerged: one in ten individuals had forgotten to remove their former spouse as the beneficiary of their life insurance policy.
The study also revealed other related behaviors. Approximately 7% of the divorced adults discussed life insurance beneficiaries during their separation. Furthermore, 27% canceled a joint life insurance policy they had held during their marriage. In the divorce process, 6% waived their rights to a joint life insurance policy.
The research suggests an overall lack of prioritization of protection insurance among divorcees. Only 4% of the surveyed individuals took out critical illness cover after their separation, indicating a potential gap in financial planning and risk management during this life transition.
