Legal and General (L&G) has released research finding that adults are forgetting to update key financial information following a divorce, which it said could have serious implications for the financial futures of their families.
According to the provider's research, which includes interviews with 2,945 divorced UK adults, one in ten have forgotten to remove their former spouse as the beneficiary of their life insurance policy. Around 7% of adults who divorced had discussed life insurance beneficiaries as part of their separation, while 27% cancelled a joint life insurance policy they held when married and 6% waived the right to their joint life insurance policy during the divorce process. Once separated, many divorcees did not prioritise protection insurance; 4% of respondents took out critical illness cover ...
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