Over half of advisers believe financial abuse is becoming more prominent among insurance clients, according to The Exeter’s October 2025 adviser survey.
This suggests that more advisers are recognising the role that financial protection plays during periods of vulnerability, especially where clients may be at risk of economic abuse.
Against this backdrop, The Exeter is aiming to highlight the importance of flexibility within protection products, including the ability for clients to separate a joint life policy when their circumstances change.
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.
Economic abuse rarely occurs in isolation. Instead, 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 show the importance of ensuring that financial products and administrative processes do not inadvertently limit a person’s autonomy at a time when they may be seeking to regain control of their finances.
When The Exeter introduced joint life cover in 2025, it 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 dependents or other intended recipients are protected.
"Joint financial arrangements can create significant barriers for vulnerable clients, particularly where there is a risk of financial or economic abuse," Jack Southcott, head of protection proposition at The Exeter, said. "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), added: "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."
