Written by Mark Wood, Chairman of Everest
Helping your clients to make the right decisions for later-life is not just an important part of financial planning, it is also seen to be paramount to improving clients’ wellbeing.
Clients often turn to IFAs to help them manage their finances and review insurance policies so that their loved ones are covered in the event of death.
But how can end of life planning be adapted to better meet clients’ wellbeing in the lead up to and aftermath of losing a loved one?
Wellbeing and protection products
Years ago, while planning the launch of the AXA brand in the UK, we conducted omnibus research into the main motivation for clients to purchase discretionary insurance such as Life or Health cover.
The overwhelmingly consistent finding was that those purchasing protection did so out of a desire to be ‘sorted’. They derived peace of mind from the reassurance that no matter what happened, there would be somebody to look after them should the worst happen.
Anyone who has been bereaved knows that the money, while important, is far from enough. Dealing with death requires us to address a mass of processes just at the time when we are least equipped to concentrate on the complex and confusing requirements of the law.
Help your clients navigate through the challenge
The challenges of dealing with the volume of administrative tasks involved when losing a loved one can add enormous stresses for the bereaved during an already difficult time.
Death can be unexpected and so the failure to prepare is perhaps understandable and certainly forgivable but for the vast majority our death is in old age and is a certainty. Who said the cause of death is birth? Those individuals we researched for the AXA launch took comfort from the fact they were insured but of course their sense of wellbeing was misplaced. They hadn’t done nearly enough.
The reality is that one in three of the population will have lost a close friend or relative in the past twenty-four months, yet this loss prompts few of us to seek the peace of mind and mental wellbeing which comes from being genuinely sorted. Leading employers seeking to ensure their employees’ can enjoy sound wellbeing have been ‘thinking outside the box’.
It’s heartening to see employers taking proactive steps to support their employees in preparing for end-of-life matters. Providing services like Everest as part of benefits packages can indeed offer invaluable assistance to employees and their families during such difficult times. By offering tools for will preparation and secure storage for important documents, as well as assistance with administrative tasks after a death, employers are not only addressing practical concerns but also helping to alleviate emotional stress. This kind of support can truly provide peace of mind and demonstrate a commitment to employee well-being beyond the workplace.
Practical guidance and emotional support
A more widespread adoption of products and tools in the industry that offer support beyond a payout can help deliver more robust end-of-life planning that caters to the needs of clients. The administration of a death is not a welcome distraction, but a series of unwelcome chores and it is important for people to take responsibility for the practicalities of passing. Financial advisers and their clients can access tools such as Everest’s Price Finder which presents a range of options and prices for the end of life ceremony.
By offering holistic financial advice and support, IFAs can help clients navigate the complexities of end of life planning with confidence and peace of mind.
