Cohabiting couples need protection too

29 March 2010

The institution of marriage is on the decline. Latest figures from the Office for National Statistics show that the proportion of couples tying the knot is now the lowest since records began.

Does this indicate that the institution of marriage has become yet another casualty of the economic downturn?

It is possible that with an uncertain financial future facing many individuals, planning a wedding may not be top of their list of priorities right now.

But as the merry chime of wedding bells fades into memory and more couples choose not to walk down the aisle there’s a danger that any thought of protecting their financial future might be overlooked too.

Without a financial safety net in place unmarried couples who rely on the income of both partners could find themselves in serious difficulties should one become ill.

They may be unable to pay the bills, paying into a pension pot might have to stop and they could risk losing their home.

So cohabiting couples might not want to tie the knot but that doesn’t mean they should ignore their financial responsibilities.

Whether married, divorced or living together protection insurance can safeguard individuals’ future and ensure the financial security of loved ones.

If a fraction of the money saved on a wedding or one of those infamous stag parties was spent contributing to a monthly protection plan instead it would be a great help for many couples.

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