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For nearly two decades, Davenport Thomas’s highly experienced team has worked closely with numerous accountancy practices to support their clients with a wide range of financial planning needs.

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Understanding the true cost of dying

21st Mar 2024
Brought to you by
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For nearly two decades, Davenport Thomas’s highly experienced team has worked closely with numerous accountancy practices to support their clients with a wide range of financial planning needs.

Save content
Have you found this content useful? Use the button above to save it to your profile.

Nearly half (48%) of adults aged 18 to 40 don’t have life insurance. This puts many in a precarious position, as the unfortunate reality is that the cost of dying is high.

Understanding the true cost of dying | Davenport Thomas | Man using calculator Accounting Calculating Cost Economic bills with money stack step growing growth saving money in home, finance concept
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Research has found that a premature death can cost surviving family members an average of £195,475 over the course of ten years. These estimates are based on the hypothetical basis that someone leaves behind a partner and two children. The figure fluctuates depending on the location – London is the most expensive area (£261,754), while North East England is the cheapest (£130,160). The average cost in Wales was calculated to be £147,858 and it was £153,631 in Scotland.
 

Funeral costs at a record high

Of the adults under forty who do have life insurance, 27% said they took cover to out to pay for a funeral. This is an important cost to consider, as a recent report has found that the average cost of dying, which includes a funeral, professional fees and send off costs, is at a record high of £9,658.

Help for your loved ones

Whatever your age, it is advisable to seriously consider taking out life insurance if you have dependents. Planning ahead now could significantly alleviate the stress on your loved ones, should anything happen.

We can find the appropriate level of cover based on your specific circumstances and can advise you about writing the policy in trust so that the money will go directly to your chosen beneficiaries. This is also something that could be a useful tool for Inheritance Tax planning, so get in touch.

 

For a discussion about how we can help, you can book directly into David’s diary via Calendly, email or call.

David's contact details are:

Calendly - David Fear

Tel number 0208 8192407

Email: [email protected].

 

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Financial protection policies typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.