Almost two-in-three (64%) bereaved individuals who said there was a funeral for their most recent bereavement felt stressed about how the cost of the funeral would be covered, according to new research from MetLife UK. Of these, one in five (20%) felt extremely stressed.
Those who have experienced bereavement in the last two years estimated that the average cost of a funeral was £5,098. However, almost one-in-four (24%) estimated the funeral costing more than £6,000. 13% revealed they don’t know how much a funeral costs, leaving them underprepared.
Of those who felt stressed about funeral costs, two-fifths (42%) said it was because they simply did not know how much it would cost. Financial insecurity was also a considerable factor, with almost a third (30%) unsure if they would be able to afford the funeral. 25% did not know if a plan was already in place outlining what their loved one had wanted, and another 25% said they were unaware if a policy was in place to cover the cost. One in five (19%) were unsure if they would be expected to pay for the funeral, causing them to feel stressed.
Only 21% confirmed they knew what the individual’s wishes were when it came to their funeral, and how much it would cost.
MetLife’s Life and Legacy offering, in partnership with Everest, provides a Funeral Concierge service designed to help employees and their families during these challenging times. The service offers support with funeral planning, price comparison, and a digital lockbox, which allows people to share important information with loved ones, such as financial policies, wills, or other final declarations and wishes. Designed to alleviate some of the stresses faced by grieving families, it provides expert assistance to help with funeral arrangements and access to essential bereavement resources.
Already accessible to spouses, partners and dependents of the insured employee, access to MetLife’s Life & Legacy service is now extended to include employees’ parents and in-laws.
Charlotte O’Brien, Head of Employee Benefits at MetLife UK, commented: “Navigating the loss of a loved one can be inherently challenging. The stresses that come alongside a time of grief, including organising a funeral and managing costs, can feel overwhelming for grieving families. Especially when so many are anxious when it comes to costs.
“That’s where offerings like Funeral Concierge can help to alleviate some of the additional stresses that come with the loss of a loved one. By offering this to employees as a benefit, employers are playing an important role in supporting their people at a difficult time.”
