Dying Matters Week: 2 in 3 Brits don’t know what to do after a bereavement

When a family member or friend passes away, there is often a lot to manage after the initial shock. For loved ones, handling finances and possessions can be overwhelming.

New research from Tesco Insurance to mark Dying Matters Week (May 4th – 10th) shows two thirds (68%) wouldn’t know what to do or would be unsure about managing financial admin after a bereavement.

While many organisations need to be notified after a loved one’s death, just a quarter (26%) of people have any sort of plan in place for a relative’s financial admin, like dealing with bank accounts or insurance policies.

Six in ten (60%) say they would be unsure where to even start and nearly half (49%) expect they’d be overwhelmed by the amount of paperwork to be done. Just one in eight (13%) would feel “confident and in control”, compared to 57% who say it would cause them stress and anxiety.

Ban Mahsoub, Partnerships Director at Tesco Insurance, said: “We understand how difficult it is when you lose someone close. Sorting out their finances can often feel overwhelming, but taking it step by step can help make the process more manageable.

“Knowing in advance what policies your loved one had, what high value possessions they owned, and how much significant items are worth, can quickly speed the process up.”

The survey also found that most people (64%) feel life insurance policies would be the hardest type of insurance admin to deal with after a death.

To mark Dying Matters Week, experts at Tesco Insurance have answered five of the most common insurance-related questions people ask after a bereavement.

1. What insurance policies should you look for?
A loved one may have had several insurance policies in place, including life, home, motor, pet and travel.

Checking paperwork can be time-consuming but it’s an important first step when establishing what policies the person had. Check their documents to find out which insurers need to be contacted and notified.

If you can’t find the paperwork, then check their bank statements to see which insurance companies have been paid.

2. How quickly do you need to inform the insurance companies?
It is important to notify insurers as soon as possible, as delays can affect some policies.

This is especially important if a home becomes unoccupied, as an empty property can affect the validity of home insurance.

3. What information will you need?
You will usually need to provide insurers with key personal details like the person’s name, address and date of birth.

To close or transfer policies, or to make a claim, you will also need their death certificate. Some insurers won’t accept an image or photocopy of the death certificate, so it can be worth sourcing several copies from the local registrar’s office.

4. What is still covered by insurance after someone dies?
Cover can change depending on the policy. To find out what is and what isn’t covered after the death of a loved one, you should contact the insurance company directly.

People will often need to transfer cover into someone else’s name.

5. How should I deal with their possessions?
Many people compile a list of their possessions before they pass away, and some even have them valued. If they haven’t done this, you should create an inventory of valuable items like jewellery and electronics.

It can also help to take photos and check that items remain insured, particularly if they are moved or stored elsewhere.

6. Is there any support in place for dealing with financial admin after a loved one’s passing?
When dealing with highly stressful moments, such as the death of a loved one at the same time as notifying insurance providers, it is important to have the right support.

Established insurance providers are experienced in handling these instances, both sensitively and with professionalism though valuable guidance during the entire claims process. Though life insurance can be viewed as a morbid product, there is a more positive side to it, which is reflected in the care insurers take to support when they need it most, as well as the strong payout rates.