· 28% who recently experienced a bereavement said they didn’t know where loved ones’ financial passwords were stored
· A further 29% were in the dark about where important online documents were kept
· More than one in five (21%) admitted they didn’t even know which financial policies or accounts they were looking for after their loved ones passed away
Grieving families across the UK are being left in the dark about where key financial information is stored and how to access it in the event of death, leaving them in potential financial risk according to new research from Employee Benefits provider, MetLife UK.
The findings reveal that 28% struggled to access important online accounts following the death of a loved one, while a further 29% said they didn’t know where important documents were stored.
The data also highlights a significant knowledge gap around what steps people should take in preparation for a familial loss. More than one in five (21%) admitted they didn’t even know what financial or insurance policies, bank accounts, or debts had been left by loved ones creating a huge challenge to even know where to start to get affairs into place.
Respondents also said they would like more help from employers navigating such challenges. Around one in seven (15%) said that having been through a bereavement, they’d have liked more help with things such as contacting accountants, being an executor of a Will, or how to close someone’s bank account. Furthermore, just over half (51%) said that they would now use a bereavement planning service if it meant it could help with things like Will-writing or securely storing documents and passwords for loved ones to provide easy access after a death.
MetLife’s Group Life policy is more than just a much-needed lump sum, it gives holders free access to its Life and Legacy services.
Therefore, in addition to a life payment for the family left behind, in partnership with the “funeral concierge” provider, Everest, it also provides expert services, which both aids planning pre death and offers 24/7 assistance to family members after. This includes Will-writing services, expressions of wishes documents and a digital lockbox, for all passwords and scans of documents for employees to set up. A digital lockbox means family members get access to everything inside upon death, and they’ll then know important information such as who mortgages are with, and have access to all financial services information such as bill providers, debts, bank accounts, pensions and social media accounts.
Charlotte O’Brien, Head of Employee Benefits at MetLife UK, commented: “MetLife’s research shows that employers have a real opportunity to play a key part in supporting employees after a bereavement and ensuring their affairs are in place and providing free assistance for loved ones.
“In partnership with Everest, we want to revolutionise the Group Life market to be so much more than just a payment. We know that our unique funeral concierge service which provides support for families left behind is just as important to people. The grieving process is tough enough without the added stress of battling to get access to the critical financial information or not knowing about funeral planning or all the other legal elements involved in death.”
