It’s Dying Matters Awareness Week (9-15 May 2016) which gives us all the opportunity to place greater importance on the subjects of dying, death and bereavement. Topics that none of us are totally comfortable with.

In fact, death and money are two of the things we find most difficult or inappropriate to talk about. But a new report shows just how much the two are linked, and that the loss of a spouse or partner can hurt us financially for years to come. The report, 'Losing a partner – the financial and practical consequences' has revealed that seven in ten people were financially or practically unprepared when their partner died.

And while death is the only certainty we all face, only one in ten felt both financially and practically prepared. Just two out of five had made a will, and only three in ten had talked about their funeral with their partner, according to the report, which Dying Matters contributed to.

Five hundred people who had lost their partner in the past five years were interviewed for the report, with many making a clear case for action not just words. One respondent said: "It would have been really useful if there had been a list of phone numbers to use, or knowing what [my partner] wanted.”  Another respondent encouraged couples to “try and put things in order” as: “It won’t do you any good… if your [partner] did it all and you’re left.”

The report also found:

• One in five recently bereaved people said the financial impact of lower income was the most difficult to deal with.
• Around one in six said they did not know what to do about the funeral; and
• Around one in six found it challenging to look after the house following the death of their partner; a third said it was difficult to cook and nearly four in ten struggled with household tasks such as washing and ironing.

Claire Henry, Chief Executive of the National Council for Palliative Care and Dying Matters, said, "We shouldn’t be afraid to talk about death, but this report makes clear that putting clear financial plans in place is essential as well. Having the ‘big conversation’ is an important first step to getting our plans in place, but it’s only a first step. We never really stop grieving for someone we loved who has died, but that doesn’t mean we should have to suffer the financial consequences for years as well.

"Financial and practical planning is as important as thinking about the care we want to receive, making a will, lasting power of attorney, or our funeral plans. Talking about death won’t make it happen, and getting our plans in place enables us to get on with living."

To help prepare financially and practically, Essential Insurance advises talking to your partner – agree a shared place to keep your key financial information - from your mortgage to bank accounts and insurance policy information.

If you or your partner has a life insurance policy, check it is up to date and reflects any changing circumstances – to make sure it will give you both enough cover. Funeral plans could also be considered.

Claire Henry adds, “We may know, or can try to imagine, how hard it is to lose a spouse or long-term partner. Some of us know that, painful as that loss can be, being more prepared for their death can take away some of the problems. But this valuable report explains in detail just how much the surviving spouse or partner will be affected financially and practically by bereavement, and how much difference it makes to be prepared. In modern society talking about death and dying can be difficult or awkward, but we cannot plan until we have started to talk about it. We all need to make a will, a funeral plan, a plan for future care and support, and a decision about organ donation. And we all need to write these decisions down so that those who care for us can act on them.

Putting our financial affairs in order is actually one of the simpler things to do: making a will, taking out life insurance and keeping these policies and pensions plans up to date.”

This report presents findings from a detailed programme of research into the experiences of people who have lost their partner, revealing the extent to which life can change following the loss of a partner. The research was conducted by Trajectory Partnership on behalf of Royal London and Dying Matters.

To make a start with your financial planning, why not speak to us?

At Essential Insurance we provide no nonsense advice and life insurance policies to suit your family’s needs. We’ll search and compare policies from UK leading insurers and you’ll get your own experienced advisor to help you get the cover you need at the right price for your budget. Contact us on 0800 612 8005 or click here and we’ll call you.