Advisers are increasingly recognising the role that financial protection plays during periods of vulnerability, particularly where clients may be at risk of economic abuse. In The Exeter’s October 2025 adviser survey, more than half (54%) reported that they believe financial abuse is becoming more prominent among insurance clients.
Against this backdrop, The Exeter is highlighting the importance of flexibility within protection products, including the ability for clients to separate a joint life policy when their circumstances change.
Rising concerns over economic abuse
Surviving Economic Abuse reports that one in six women in the UK has experienced economic abuse by a current or former partner in the past year.1 Economic abuse rarely occurs in isolation; it typically happens alongside other forms of domestic abuse and can involve behaviours such as restricting access to money, sabotaging finances, or building up debt in a partner’s name. These figures underline the importance of ensuring that financial products and administrative processes do not inadvertently limit an individual’s autonomy at a time when they may be seeking to regain control of their finances.
Supporting advisers and vulnerable clients
When The Exeter introduced joint life cover in 2025, they introduced a joint life separation option that allows policies to be converted into two single policies following divorce, dissolution of a civil partnership, or separation. Crucially, this can be done with consent from just one policyholder and without the need for updated medical information.
This approach is designed to reduce barriers for individuals seeking to regain financial control after a relationship ends, particularly those who may be experiencing or leaving economic abuse. Joint financial arrangements can create ongoing ties that are difficult to break, and in some cases, delays or the need for mutual consent may put individuals at further risk.
The option also provides advisers with an opportunity to revisit beneficiary arrangements. As The Exeter’s joint life policies do not allow for named beneficiaries, separating into two single policies enables clients to redirect proceeds appropriately, helping ensure dependants or other intended recipients are protected.
Jack Southcott, Head of Protection Proposition at The Exeter, comments:
“Joint financial arrangements can create significant barriers for vulnerable clients, particularly where there is a risk of financial or economic abuse. It’s important that clients are able to make changes to their cover without unnecessary barriers at what can already be a challenging time.
By allowing joint life policies to be separated with consent from just one client, along with straightforward evidence requirements and no further medical underwriting, advisers can help clients maintain continuity of protection and move forward with greater confidence.”
Lauren Garrett, Financial Services Manager at Surviving Economic Abuse (SEA), comments:
“Abusers are exploiting joint life insurance policies by refusing their consent to end them, trapping victim-survivors in unwanted financial ties long after relationships have ended. In some cases, perpetrators weaponise their role as a beneficiary to reinforce threats to kill, leaving survivors living in fear for their lives.
That’s why we have been calling on the government and insurance industry to introduce mechanisms for joint policies to be cancelled or converted into individual cover to help prevent this form of economic abuse.
It’s encouraging to see The Exeter take this important step by allowing joint policies to be separated with consent from just one policyholder and without further underwriting. This will make a real difference to survivors, helping them safely rebuild their lives while maintaining vital protection. At Surviving Economic Abuse, we’re ready to work with the insurance sector to improve identification and support, close gaps exploited by abusers, and help end economic abuse for good.”
ENDS
Notes to Editors
Methodology
The Exeter adviser survey was conducted in October 2025.
1. Surviving Economic Abuse (2024)
PR Contact
Tom Stewart-Walvin, Rostrum
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About The Exeter
The Exeter is a leading protection and healthcare insurer who have been supporting UK families in the event of ill health or injury since 1888.
Formerly known as the Exeter Friendly Society and Pioneer Friendly Society, The Exeter is a mutual friendly society. This means it’s owned by members and run for their benefit, rather than shareholders.
The Exeter is a trading name of Exeter Friendly Society Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Register number 205309) and is incorporated under the Friendly Societies Act 1992 Register No. 91F with its registered office at Lakeside House, Emperor Way, Exeter, England EX1 3FD.