Nurturing Important Conversations
At Canada Life UK, we’re building stronger, more secure and inclusive futures for our retirement, investment and protection customers.
We hope to play an active role in supporting families throughout their working years and into retirement, helping them make the most of life. We want people to feel more in control, optimistic and prepared to embrace the positives the additional years may offer.
Welcome to Life100+.
Our research shows that while people want to talk about later life, they are not sure when and how. For individuals, knowing where they stand would relieve anxiety and stress, and allow them to make plans. It would give them confidence in, and control over, their financial future.
To take full advantage of the close relationships around us, we need to involve loved ones in making and implementing our plans. Although difficult to initiate, these discussions are an indispensable way of avoiding misunderstandings, misgivings and regrets.
Discussing our future with loved ones helps increase life control and satisfaction
Our research shows clearly that those who have had these discussions are more satisfied with their life and more in control than those who have not. These conversations will be even more critical in the context of a longer later life.
Seven in ten (72%) of those who talked to their beneficiaries are satisfied with life, compared to just under six in ten (58%) of those who have not. Likewise, 55% who have had these conversations feel in control of their life, compared with four in ten (40%) who have not.
Our qualitative research revealed that difficult conversations are typically prompted by events such as an unexpected death of a loved one or a serious health issue.
While people agree it’s important to plan for a longer life to ensure they and their family are financially secure and that inheritance is in place, they don’t always know when or how to begin these discussions. It’s a difficult topic, and many prefer not to think about it.
Given the relationship between a sense of control, levels of life satisfaction, and having discussions about inheritance, wills and power of attorney, we believe that our Life100+ research clearly shows that these conversations would be beneficial across generations, even if they’re challenging to initiate.
Part of our aim for Life100+ is to highlight the value of these conversations and demonstrate the advantages they can bring. There is a need to give people the information and resources which will provide them with the confidence to have these conversations earlier so they (and their loved ones) can be better prepared for the opportunities and challenges of living a longer life.
Read more about nurturing important conversations and discover further insights in our full Life 100+ Report. This can be accessed via our website, here.
