UK-based bank NatWest has announced the launch of a free digital service, NatWest Plan Ahead, that helps simplify and consolidate end of life planning.
The tool, available to customers in England and Wales, offers an online portal asking customers a series of questions about the arrangements in place for the end of their lives. This helps NatWest customers think about certain issues and end of life planning.
Topics discussed include funeral preferences, financial planning and creating a will. Customers are guided through the process with personalised support from NatWest.
In addition, the site is protected by bank-grade encryption and the customer can choose to share their plan with a trusted loved one.
Research from NatWest found that 85% of customers felt it was important to plan for the future. However, only 40% had a will in place and 33% had life insurance.
Wendy Renshaw, chief digital information officer at NatWest said: “Planning for the future can sometimes be an overwhelming, daunting task and often one we’d rather not think about. At NatWest we want our customers to think of planning ahead as a positive act. This new service will help enhance people’s financial confidence and capability, as well as giving peace of mind for the future. Through innovative digital technology, it can reduce the risk of unexpected costs or administrative difficulties for friends or loved ones at a difficult time.”
AIG said it and RBS have been working together to design a new proposition for bank customers.
The life insurer said this is based on “simple life insurance that offers excellent value for money” and a jargon-free application process that should take less than 15 minutes to complete.
AIG Life said most customers will be asked just 11 questions with the majority being offered instant cover without the need for medical evidence.
