A recent survey has indicated that people over the age of 50 are not saving up to pay for expenses, which could be incurred if they died.

Also three quarters of people over 50-years of age have yet to make any provision for their funeral, according to the survey. Whilst it is of course a difficult subject for many families to think about, this lack of preparation can cause long term problems for those left behind, should the worst happen.

The research reveals that over six million people - accounting for 13 per cent of the population - worry they will not be able to pay for the send off they believe that their loved ones deserve.

It's the sentiment that counts

Interestingly, the research which was conducted by the Post Office, also found that when it comes to inheritance, the majority of us would actually prefer to be left with sentimental keepsakes rather than money. So whilst a quarter of us would prefer to leave money for loved ones in our later years, only 16 per cent of us want to receive it.

The items that were found to be the most favoured to receive were treasured possessions. Around 32 per cent of the respondents said that letters of love, video and audio recordings, surprise gifts and favourite music or films were what they wanted to hold on to. While this suggests a trend towards keepsakes rather than cash, it is still vital that everyone gets their affairs in order.

Gemini Adams, a grief expert and author of Your Legacy of Love: Realise the Gift in Goodbye, advised people to think ahead. She said: "When it comes to preparing for the "worst" typically we're encouraged to write a will to share our financial assets, but what our surviving loved ones really need is a continuing bond, to help them remember us, and how much we cared.

"By leaving emotional assets, together with our financial assets, we can share our total "wealth". Preparing for the end of life isn't very appealing, yet by taking advance action we can all realise the gift in goodbye, and leave a legacy that can help to alleviate the grief and suffering of our family long after we are gone."

Sainsbury's for life

Taking out a life insurance policy could help to finance things such as funeral costs and support for a family that has been bereaved.

Sainsbury's Finance has launched an over 50s single life cover plan, with premiums starting prices of less than £10 per month. The plan can be taken out between the ages of 50-years and 74-years and no medical information is needed. In addition, the premiums will remain level for the life of the plan. Premiums stop at the policyholder's 90th birthday, but the cover still continues.

The individual can also choose how much cover to have based on a rate table, or they can choose from a number of set premiums to suit their gender and age. After five years, cover is increased automatically by 10 per cent with no increase in premiums.

Lucy Hunter the life insurance manager at Sainsbury's said: "These policies can make a lot of sense if you want to leave a tax-free sum to your partner and loved ones when you die. Also, with no medical required and applications accepted online or on the phone, our Over 50s single life cover plan is easy to apply for."