Building financial resilience

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The challenge

Too many people are living without suitable protection against shocks like long-term illness and death, which leaves them, their families and broader society in difficulty.

How we can help

While we can’t completely prevent life shocks, we can help people to prepare for them by building financial resilience and providing the support they need to recover.

We believe the best ways we can help people to build resilience that can weather life’s storms are through three key areas. Our affordable, accessible and reliable products – from funeral plans and life insurance, to specialist cover for diabetes – allow people to prepare for life’s shocks. We also aim to raise awareness and improve outcomes for customers by campaigning publicly on issues that impact financial resilience, and by working to help people manage and take responsibility for their own finances.

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1 Determined to…

help more people get protection

People need protection. That’s why we’re determined to remove potential barriers that can cause many individuals and families to be underinsured, or not insured at all. With innovative new products, and a more inclusive way of doing things, we’re helping to make it easier, quicker and simpler to arrange cover, get value for money, and access support when it’s needed.

We're delivering on this commitment by: 

  • Developing new features, products and services that address key customer barriers, such as long application times and changes in people’s circumstances
  • Launching a unique Multi-Claim Protection Cover in Ireland, a market first
  • Creating pioneering life cover for people with diabetes and new products to support mental health

We're helping to prevent life shocks becoming a crisis by: 

  • Providing cover so that shocks such as critical illness don’t leave people struggling financially
  • Helping to reduce the non-financial impacts of shocks through services such as Helping Hand
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2 Determined to…

reduce funeral poverty

The high cost of funerals is leaving many people struggling to cope with the financial burden of burying their loved ones. We have a proud history of helping people avoid funeral poverty. It’s the reason our company was founded. Today, we’re still actively tackling this age-old problem – raising awareness, actively campaigning for change, and providing practical support.

We're delivering on this commitment by:

  • Publishing our National Funeral Cost Index research report annually
  • Campaigning to the Government to make improvements to the Funeral Expenses Payment and helping to establish a cross-party parliamentary working group on the issue
  • Providing practical support, by working with the charity Quaker Social Action on their funeral support project 'Down to Earth'

We're helping to prevent life shocks becoming a crisis by: 

  • Supporting vulnerable people with the cost of funerals for loved ones, to avoid building up debt and the mental health consequences of debt
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3 Determined to…

give people financial knowledge and skills they can use

The ability to manage money is an important skill. It helps people plan for future goals, such as buying a property or retirement. It can also make it a little easier to handle unexpected events, like being made redundant or losing a loved one. That’s why we’re doing all we can to help people plan ahead and be financially prepared for whatever happens in life.

We're delivering on this commitment by: 

  • Empowering our customers to ask the right questions and developing easy to access, online resources and guides
  • Training our customer service teams to be able to deal with broader financial issues and running financial capability employee workshops
  • Working with industry partners and sharing our knowledge and expertise

We're helping to prevent life shocks becoming a crisis by: 

  • Helping people to manage their finances more effectively so they can save more and reduce, or avoid, debt when shocks happen

Preventing life shocks becoming a crisis

Shocks such as a bereavement, illness or job loss are unfortunately part of life. We’ve identified three key social problems that we want to focus on to help prevent life shocks becoming a crisis – building financial resilience, taking on the long-term savings challenge and strengthening responsible business.

Taking on the long-term savings challenge Strengthening responsible business