More than a third of Brits admit their loved ones wouldn’t know how to access vital financial information in the event they passed away, according to new research from Tesco Insurance. The research found that more than one in three people (37%) say their loved ones don’t know where to find their financial passwords, while almost as many (33%) say their loved ones wouldn’t know where to locate important documents stored online.
This could lead to delays, complications and frustration in the worst moments, warns Ban Mahsoub, Partnerships Director at Tesco Insurance and Money Services: “The days and weeks after a loved one passes away are stressful and complicated enough. Now imagine going through all of that and not knowing or understanding where passwords, financial records or insurance policy documents are. This can not only cause undue stress and frustration, but it can also lead to delays and complications during important steps that need to be taken, such as when arranging the perfect farewell.”
It's not just that people don't know where to find this information; a significant number also face accessibility issues. One in ten (12%) report that while loved ones know where financial passwords are stored, they lack the knowledge to access them. Similarly, 12% state that the same problem applies to important documents saved online.
The findings reveal that while families should be discussing death, many simply aren’t . One in five (20%) say they haven’t spoken to their partner about it, rising to almost a third (29%) who haven’t discussed it with their children – and more than a third (35%) haven’t had that conversation with their parents.
Despite this reluctance to talk about death, there’s a strong emotional desire for reassurance, one that only comes with planning and preparation. More than half (52%) of people say they’d feel comforted knowing their loved ones would be okay if something were to happen to them. Others say that certainty would help them live more freely (20%), reduce worry (21%), or allow them to focus more on family and meaningful time together (14%).
Ban Mahsoub, Partnerships Director at Tesco Insurance and Money Services, comments: “It’s understandable that many people avoid conversations about death or finances – they’re difficult topics. But as our research shows, not talking about them can leave loved ones locked out of vital information at an already emotional time. Taking simple steps to make sure passwords, documents, and plans are accessible can give everyone peace of mind and help families focus on what really matters.”
To help be prepared, Ban has shared her tips on protecting yourself and your family financially should the worst happen:
1. Start the Conversation Early
Death and money are two topics many people avoid, but open, honest conversations are essential. Talk with your partner, family members, or dependents about your financial situation, any existing policies, and your wishes for the future. These discussions don’t need to be super formal or overwhelming, just a shared understanding of what’s in place and what might be needed can go a long way in building peace of mind.
2. Create a secure digital lock box
A digital lockbox can store all your key information - from financial passwords and insurance details to your will and final wishes. Just make sure at least one trusted loved one knows how to access it. Review and update it regularly so nothing is lost or forgotten when it matters most.
3. Decide on what to do with social channels
Decide what you’d like to happen to your social media when you’re gone – whether that’s keeping your accounts as a memorial, letting followers know you’ve passed, or closing them completely. Write your wishes down, store your login details safely in a password manager or digital lock box, and make sure a trusted person knows how to access them so everything can be handled the way you want.
4. Understand Your Monthly Costs
Many people underestimate what it actually takes to run a household, and how much it costs. Take time to list out your essential monthly expenses, things like mortgages or rent, energy bills, food, transport, childcare, and even debt. This helps you understand how much support your family would need if your income was no longer there and ensures that any life insurance policy is based on real-world needs, not just rough estimates.
5. Review Your Life Insurance Regularly
Life is always changing, and so should your cover. Review your policy at least once a year or whenever something major happens in your life, such as a new child, a change in income, a house purchase, or a change in your health. Ensuring your life insurance is aligned with your current lifestyle and financial responsibilities means your loved ones won’t be caught short if the unexpected happens. Just like your life, your financial planning should evolve too. Update your beneficiaries, review your cover limits, and make sure your documentation is easy for your loved ones to access in the event it’s ever needed.
To help customers protect what matters most, Tesco Insurance and Money Services has launched an affordable and trusted life insurance proposition with Aviva The new offering gives Tesco shoppers, and 24 million Tesco Clubcard members, access to life cover designed to protect what matters most, while also benefitting from Tesco’s popular customer rewards.
6. Seek Professional Advice if You’re Unsure
If you’re not confident about how much cover you need, or if your circumstances are more complex - such as being self-employed, or having dependents from previous relationships- consider speaking to a financial adviser. They can help you tailor a policy to your situation, make the most of your budget, and avoid common pitfalls such as being underinsured or duplicating cover.
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