BY JOHN ELLIS, FINANCIAL ADVISOR
SINCE the outbreak of Covid-19, the subject of death has never been so prominent, and we know many who have experienced an unexpected loss.
But, despite death being a universal experience, we still find talking about it very difficult. Especially when it comes to our own inevitable demise.
Conversations about death might be tough or uncomfortable but getting your plans in place and letting your loved ones know your end-of-life wishes can give you a great deal of reassurance and peace of mind.
We all need life insurance that in the event of our death so there is adequate money in place to meet the needs of our remaining family. But there is more to it other than putting a monetary figure on your life and assuming that in the event of your death everything will work out smoothly.
Its times like these that financial advisers are instrumental in bringing peace of mind by providing funds to pay off debt, protecting against the loss of income and paying funeral costs.
Levels of cover are shockingly low over all but it is important that the correct life plan is put in place to meet certain needs.
Mortgage Protection Plans cover any outstanding mortgage amounts, but have they been set up correctly? Have you checked to see that the plan is reducing in accordance with your decreasing mortgage balance or will there be an amount to be dealt with when you have died?
Have you given “an expression of wishes” letter to your employer that in the event of your death the proceeds of your pension and any ancillary life cover goes to the correct person?
You have a policy that in the event of your death your spouse will be provided for. But is it set up properly? If a plan is set up on an “own life basis”, on death the money goes to your estate and is distributed according to your will. Perhaps you have no will? Make one!
And look at setting up your life plan on a “life of another basis”. Meaning in the event of your death the money goes directly to your spouse, bypassing probate and any unnecessary delays in payment.
According to Royal London planning to ensure your family’s financial security might not be the most romantic gift, but it’s perhaps one of the most loving things you can do, as while everyone finds grief hard, the difficulty in dealing with the aftermath depends a lot on the preparation and discussions that people have had beforehand.
Therefore, Royal London have produced an ebook offering support called How to Die Well.
It is a comprehensive guide to death, dying and loss, which aims to help us all become better prepared – emotionally, practically, and financially.
The book features a wealth of useful content, including personal essays by leading journalists and authors. Interviews with experts in the field of death and notable figures in wider culture
It is broken into four main sections; Before you go, Your funeral, Saying goodbye and Good grief. It includes fact sheets, activity pages, checklists and further resources
By approaching topics such as end-of-life planning, arranging a funeral, saying goodbye to loved ones and coping with grief from a wealth of different perspectives they help to break the silence around death and provide the practical support and information needed to make dying well a fundamental part of living well.
According to the CEO of Royal London they want to help people be better prepared – not only have life cover in place but be prepared emotionally, practically and financially about death.