A recent survey from Royal London has revealed that almost 3 in 10 Irish adults do not know what their family would live off financially if they were to pass away.
Respondents answered as follows:
|Family & Friends would help||2%||2%||2%||5%||1%||0%|
|Salary from employment||8%||7%||9%||11%||7%||3%|
|Rent from property portfolio||2%||3%||2%||2%||2%||4%|
|I don't know||29%||24%||34%||31%||30%||23%|
The responses were as follows:
|Yes, I keep an 'in case of emergencies' financial file||41%||45%||38%||29%||42%||63%|
|I haven't planned for it yet - I suspect it would be a difficult task for me to undertake||35%||32%||38%||46%||33%||20%|
|No, they wouldn't know where to start||24%||23%||24%||25%||25%||17%|
The majority of people (59%) have not put any process or procedures in place that would allow their family easy access to important documents were they to pass away, although this figure changes significantly the older people get. Interestingly, 7% more men (45%) than women (38%) have their financial records readily available.
“It appears that planning for one’s death is not a topic that everyone is comfortable with or indeed thought about, which is totally understandable. However, planning for death is not a process that you have to go through alone. Your local Financial Broker will be more than happy to discuss the options available to you and what you can then put in place to ensure your family are taken care of financially."
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Note to the editor
Funeral Payment Helping Hand
Royal London recently launched a new policy feature called Funeral Payment Helping Hand. The feature is available on all accepted death claims which have been delayed due to probate. Executor(s) can receive up to €10,000 in advance of the deceased’s estate being settled, to cover Funeral Director costs. Once probate has been granted, Royal London will pay the Executor(s) the full policy sum assured minus the amount drawn down to pay for the deceased’s funeral costs.
Our Funeral Payment Helping Hand feature aims to provide a better claims experience for customers and to help avoid any unnecessary financial burden linked to a funeral.