Are You as Prepared for Death as You Think?
While death is a bit of a morbid subject to talk about, when it comes to financial planning it is also an extremely important one. After all, if you fail to plan properly for this – let’s face it – inevitable event, then the growing costs of arranging a ‘proper send-off’ are likely to be passed on to your loved ones to deal with instead. This will only add more stress to an extremely distressing and upsetting time for them.
At this point you may be reading this post and thinking ‘this doesn’t really apply to me, as I’ve already got suitable cover and arrangements in place to deal with these costs’. Well, if this is how you feel then you may be interested to take a look at some new research from one of the UK’s most well-known life insurance for over 50 companies which shows that, while 41% of people surveyed on this subject assumed that they had adequate cover in place to deal with the costs associated with death, in reality only 22% had the life insurance or funds in place to cover these costs.
This research from British Seniors, which is laid out in a fun and easy to understand way in the infographic below, also showed that many family members had to resort to short-term borrowing in order to find the money to deal with these unexpected costs. The infographic also includes some other useful information regarding funeral costs. So, if this is a subject that you are either worried about or think you may not be adequately prepared for, then maybe the below infographic can provide you with some real food for thought and give you the kick that you need to review your own financial plans in this area to make sure that they are properly in order and are adequate enough to provide for the kind of send-off you would hope to receive.