A Sumitomo Mitsui Trust Bank branch is seen in the city of Fukui, central Japan, in this June 27, 2014 file photo. (Mainichi/Takeshi Noda)
TOKYO -- Sumitomo Mitsui Trust Bank Ltd. has launched a postmortem service to singles amid the rise in the elderly population and those who live alone for life.
The new product, called "trust for solo customers," includes providing clerical work necessary for holding funeral and burial services, cleaning up household items and personal effects, notifying friends and others of the customers' passing, deleting data stored in personal computers and smartphones, looking for new owners of their pets and canceling utility services, etc.
The move comes as more people are taking an interest in activities to prepare for their deaths, commonly known as "shukatsu" in Japanese.
When a customer signs up with the new service, they place at least 3 million yen in a trust estate. The bank charges customers 33,000 yen at the time of the contract, 110,000 yen when the customer dies, as well as 6,600 yen multiplied by the number of contract years as trust fees.
For example, if a person signs up for the service at age 70 and dies at 100, it would cost the customer 341,000 yen. After deducting the fee from the entrusted asset, the remaining sum will be used for funeral services and other purposes. The balance after these necessary costs will then be distributed to people designated by the customer in advance.
When the customer is still alive, the bank regularly sends emails to confirm their safety. If the customer does not reply, the bank would send staff to their homes. The firm will also digitize and manage a so-called "ending note," or advance directive of customers recording their postmortem wishes.
According to the National Institute of Population and Social Security Research, the ratio of single households among households whose head is aged 65 or older is estimated to reach 40% by 2040.
"We hope the new product will help people eliminate their anxieties about their futures," said a representative of the bank.
The financial house is aiming to acquire more than 10,000 contracts by March 2023.
(Japanese original by Koki Mikami, Business News Department)
