It can seem morbid to think too much about what will happen after we're gone, but the financial side of your passing is an important consideration, particularly if you don't want to leave your family or friends in a stressful situation.
According to a survey by the British Seniors Insurance Agency, experts in life insurance over 50, a staggering 23 million Brits have made absolutely no provisions at all for the event of their death.
Why is life insurance or funeral cover important?
Well, if you're not putting aside any money towards your funeral, those costs will fall to your friends and family - the last thing they need at what will already no doubt be a stressful time for them. Sadly, the study found that two fifths of those who had managed the affairs of a loved one said that financial worry had added to their grief.
The emotional strain had caused more than a quarter of these family members to lose sleep, while concerningly one in five had suffered from stress and 19 per cent were forced to take time off work.
“The cost of overlooking these matters is clear with the family members and loved ones left behind put under a tremendous amount of pressure," says Dave Sutherland, Managing Director of Neilson Financial Services.
“At British Seniors Insurance Agency we offer great value and fully flexible Over 50s life cover – and with our new Lifetime Payback Guarantee we are setting a new standard in the market by ensuring that our customers get full value for their hard-earned cash as the lump sum their loved ones receive will never be less than the amount they have paid in. We want to encourage people to make sure that they have some form of life insurance or cover in place to provide peace of mind that when the inevitable happens they’ve got it covered for their loved ones.’’