A third of UK families are unable to access financial and online documents or services in the event of death
28% of those who experienced a recent bereavement* didn’t know the location of their loved one’s financial passwords
Another 29% of people don’t know where important documents are stored online
Over one fifth (21%) of respondents admitted that they did not even know what financial policies or accounts to look for after the death of a loved one.
MetLife UK, a provider of Employee Benefits, has conducted a new study that shows how families are left in the dark in terms of where and how they can access their financial information in the event if a loved one passes away. This could put them at risk financially.
Findings reveal that 28% of respondents struggled to log into important online accounts after the death a loved one. A further 29% didn’t even know where important documents are stored.
Data also shows that there is a knowledge gap about what people should do to prepare for a loss in the family. Over one fifth (21%) of respondents admitted that they did not know the financial policies, insurance policies, accounts or debts left behind by their loved ones. This made it difficult to know where to begin to put things in place.
The respondents also stated that they would appreciate more assistance from their employers in navigating these challenges. One in seven (15%) respondents said they would have liked to receive more assistance after a loss, such as how to contact accountants, be an executor for a Will or close someone’s account. Just over half (51%) of those surveyed said they would use a service to help them with bereavement planning if the service could assist in writing a Will or storing passwords and documents for family members so that they can easily access them after death.
MetLife Group Life is more than a lump sum that’s much needed. It gives policyholders free access to Life and Legacy Services.
In partnership with Everest Funeral Concierge, Everest also offers expert services that help plan pre-death and offer 24/7 assistance for family members. The services include Will-writing, Expressions of Wishes documents, and a digital locker for passwords and documents that employees can set up. The digital lockbox allows family members to access all information inside after death. This includes mortgage information, bill providers, debts as well as bank accounts, pensions, social media accounts and information about financial services.
Charlotte O’Brien is the Head of Employee Benefits for MetLife UK. She commented, “MetLife’s Research shows that employers can play a significant role in supporting their employees following a bereavement, ensuring they have all their affairs in order and providing free support to loved ones.
“In partnership, we aim to revolutionise Group Life to become so much more. We know our unique funeral concierge service, which offers support to families who are left behind, is equally important. “The grieving process can be difficult enough without having to worry about the additional stress of trying to access critical financial information, or not being aware of funeral planning and all other legal aspects involved in death.”
The first time HR news published the post Nearly one third of UK families are unable to access financial and online services in the event of death of a member of their family.
