There is clear gap between couples’ intentions and actions when it comes to financial planning for ill health, research from Vitality has found.
While seven in 10 people in relationships (72%) said it is important to discuss how they would support each other financially if one partner became too ill to work, 38% admitted they haven’t yet had that conversation.
Although 70% said they would feel comfortable talking about the subject, only 14% had a formal financial plan in place for ill health.
A further 18% said they have discussed it informally, while a quarter (25%) said they haven’t thought about it at all.
Couples appearred slightly better prepared for the possibility of death than illness, with 21% stating that they have a plan such as life insurance or a will in place should their partner die.
However, 24% have not considered the financial implications of death either.
The study also highlighted a wider industry challenge.
One in five (21%) full-time workers said they want protection in place but haven’t yet arranged it, suggesting high awareness but low action.
Nearly one in five (19%) of those considering protection products said they would prefer cover that actively supports their health and helps prevent illness from affecting their ability to work.
Andy Philo, director of strategic partnerships at Vitality, said: “Supporting better health is essential, but so is having protection in place for when life doesn’t go to plan.
“It’s encouraging that couples are talking about financial resilience, but conversations alone won’t safeguard families.
“Ill health can strike suddenly, and without a plan, the financial impact can be immediate and severe. This research is a clear signal to the industry: we must do more to help people move from awareness to action.
“Protection needs to be part of everyday financial planning, and income protection can offer the stability and support needed when life takes an unexpected turn.”
Zoe Priselac, managing director of Way More Solutions, added: “We have a unique opportunity to help clients turn good intentions into action.
“By having open, personal conversations, we can uncover what really matters to each client and guide them through life’s complex decisions.
“When we help them look beyond the loss of a salary to the wider impact of ill health – from mortgage payments and childcare to everyday essentials – we turn a difficult subject into a reassuring, practical conversation that leads to real protection and peace of mind.”
