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Actuarial Post - Group Life Insurance more important after bereavement change

From 6 April this year, the new Bereavement Support Payment will replace the current suite of State bereavement benefits (Bereavement Payment, Bereavement Allowance and Widowed Parent’s Allowance). On the face of it, the changes appear to be beneficial, with a refocus on the additional and more immediate costs of bereavement support for the 18-month period immediately following the bereavement (rather than for 12 months), and no loss of benefit on remarriage or re-partnering. However, many families will be worse off, especially those with children where the current Widowed Parent’s Allowance is paid until such time as Child Benefit stops.

 As if to add insult to injury, the Ministry of Justice is also abolishing the current fee structure for probate and introducing a new banded structure based on the value of an estate – meaning that many people will be hit by much higher charges than they expect.

 The combination of these changes could leave even more bereaved families significantly worse off.

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