"Navigating the loss of a loved one can be inherently challenging."
- Charlotte O’Brien, head of employee benefits at MetLife UK
Of those surveyed (2,003), 64% felt stressed about the cost of a recent funeral – with one in five (20%) experiencing extreme stress.
Two-fifths (42%) said they were stressed because they didn’t know how much it would cost, while almost a third (30%) worried they wouldn’t be able to afford it. Almost one in four (24%) estimated the funeral costing more than £6k.
Worryingly, only 21% knew what their loved ones’ wishes were when it came to the funeral, and how much it would cost. A quarter (25%) didn’t know if a plan was already in place outlining what their loved ones had wanted, and a further 25% said they were unaware if they had a policy to cover the cost.
Previously, MetLife UK has reported that less than half (46%) of recently bereaved adults had felt prepared when organising funeral and memorial arrangements for their loved ones.
18% said that funeral planning had caused arguments with family and friends, and 14% admitted that it had impacted their work life.
Despite this experience, only 17% confirmed that they’ve written down and shared their own funeral wishes. 47% hadn’t heard of funeral planning or funeral concierge services, despite 51% saying they would utilise these services.
READ MORE: MetLife UK finds 23% of grieving adults who’ve helped organise funerals and memorial arrangements felt unprepared
“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.
“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,” explained Charlotte O’Brien, head of employee benefits at MetLife UK.
In November 2024, the Financial Conduct Authority (FCA) revealed findings from its multi-firm review regarding bereavement handling times.
As reported by Financial Reporter, firms took on average, 53-122 days to process claims for Term Insurance, 53 days for Whole of Life (WoL), 20 days for over 50s plans, and within 36 days for group life cover.
READ MORE: FCA calls for firms to improve bereavement handling
Earlier this year, the FCA announced plans to probe banks on bereavement and power of attorney policies. The regulator believes banks and building societies can improve how they treat customers affected by bereavement.
