Brits avoid awkward conversations and this has led to unforeseen costs and financial strife. Even those who worry, such as millennials, are still underinsured.
According to research from LifeSearch, 24% of Brits avoid talking to friends, family, and colleagues about death. Furthermore, 24% do not talk about money, 33% do not talk about sex and 22% do not converse about religion and politics.
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Talking about issues
Life insurance broker LifeSearch is launching its Let’s Start Talking campaign to urge UK consumers to have these crucial conversations.
LifeSearch found that 74% of the UK don’t know if their parents have life cover. Also, 55% are more likely to discover about contingency plans after passing.
This can lead to a number of problems. Over a quarter (27%) of Brits have been affected by the loss of a loved one whose contingency plans were unknown.
Of this group, 48% were left with a bill of between £1,000 ($1,323) and £5,000 to cover unforeseen short-term costs. This includes funeral bills and outstanding commitments.
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By GlobalDataThe research also found that 45% of people who do have contingency plans have not spoken to their loved ones about it.
The Let’s Start Talking campaign wants to show the UK that these awkward conversations are essential to mitigate impact.
Tom Baigrie, CEO of LifeSearch, said: “We all know how uncomfortable it can be talking about death and money with those close to us, but we speak to hundreds of people every day who simply aren’t having conversations that could save them serious emotional and financial pain. It is our firm belief that communication is a two-way thing and we want to help people up and down the UK embrace that and protect the lives they love.”
“Despite being the most connected generation in history, millennials are some of the worst culprits for not discussing the major issues with family members.”
Millennials are still underinsured despite their worries
Millennials are the worst for always worrying about things. In the survey, 45% of millennials said that they always worry about finances. LifeSearch found that, in comparison, only 20% of those 55-years-old and over always worried about the same thing.
In addition, 36% of the millennial segment were always worried about their health and 23% were always worried about their mortality.
However, millennials are still underinsured. Only 22% of millennials said they had life insurance or critical illness cover. Furthermore, 14% say that in the event of death, contingency plans rest with the family.
Only 33% of millennials have actually read their mother’s life insurance policy. Even less (27%) have read their father’s.
Data also showed that the millennial segment was the least likely (53%) to ask for advice on life insurance or critical illness coverage.
