New research published today from Vitality research reveals a disconnect between couples’ intentions and actions when it comes to financial planning for ill health. Seven in ten (72%) of those in relationships believe it’s important that couples talk about how they’d support one another financially if one of them couldn’t work due to ill health. While 70% say they’d feel comfortable having that conversation with their partner, 38% haven’t yet done so.
When asked whether they had planned financially for the possibility of their partner becoming seriously ill, only 14% said they had a plan in place. A further 18% had discussed it but not formalised anything, while 25% admitted they hadn’t thought about it at all.
Interestingly, couples appear slightly more prepared for the possibility of death than illness, with 21% saying they have a plan in place should their partner die, such as life insurance or a will. Yet, a quarter (24%) hadn’t considered it.
The research also found that 21% of those working full-time say they want protection in place, but haven’t yet got around to taking it out, highlighting a persistent challenge and opportunity for the industry. Awareness is high, but conversion to meaningful protection planning remains low. Notably, nearly one in five (19%) of those interested in taking out a protection product say they would prefer one that actively supports their health and helps prevent illness that could impact their ability to work.
Andy Philo, Director of Strategic Partnerships, 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, Way More Solutions, said: “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.”
