Handling Life Insurance Payments after a Spouse’s Death

Posted on September 14, 2020 by Lifesong Funerals under cremation
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Tallahassee cremation services

After a spouse’s cremation in Tallahassee, FL, you, as the surviving spouse, will need to take care of your deceased loved one’s financial affairs.

One component of these financial affairs is life insurance policy payouts (if you don’t have life insurance, please consider purchasing a policy so that your spouse will have a measure of financial security after you die).

Life insurance policy payouts can often be for a substantial amount of money that is paid in one lump sum. It’s important that you know how to allocate this money so that you have long-term financial security and it’s important that you hire a qualified professional to help you make the wisest allocation choices.

So, how should you proceed?

It is possible that you have a friend or family member who is either a financial professional or who is well-versed and experienced in financial planning. If this is the case, then you can ask for their assistance or their referral to someone who would be willing to advise you in financial matters.

Even if you feel certain that you will be able to successfully manage your finances on your own and navigate through the changes that your new financial circumstances will bring, it’s still very important for you to get guidance and support from someone with expertise in handling life insurance policy payouts.

The reason for this is simple. A financial planner with life insurance policy payout experience will not only be able to provide an objective analysis of your financial situation, but they will also be able to advise you on other aspects of your financial outlook as well.

This would encompass things like identifying new financial priorities, new expenses that need to be considered (such as retirement funds or tax liabilities), or whether your current investments need to be reexamined in light of the life insurance proceeds.

When you are still processing and grieving the death of your spouse, you may discover that you have more difficulty making sound and well-thought-out decisions regarding you and your family’s future. So, if you get good financial guidance immediately, you’ll be able to avoid any surprises or pitfalls later.

Once you have a financial adviser, you need to do an accurate assessment of your current situation so that you can present a comprehensive picture of your financial situation as possible. Rather than tackling everything at once, focus first on those things that need to be paid immediately.

This will include things like funeral arrangements, hospital bills, living expenses, tuition payments, etc. After you’ve identified these, it will be easier to develop a new, comprehensive budget that encompasses all your finances, including monthly bills like mortgage or utility payments and any other debts, like credit cards and car payments. You should also look into whether you or your dependents are eligible for social security benefits as well.

When you take a realistic look at your debt, you can prioritize the things that should be paid off first, such as credit cards with a high interest rate.

Then you need to ask some questions:cremation service in Tallahassee

  • Can I afford to stay in my home?
  • Do I have what I need to put my children through college?
  • Can I retire the way I planned to?

Answering these questions and developing a new financial strategy may seem impossible at first, but by acquiring sound and steady financial guidance, you will have everything you need to make sure you have what you need when you need it.

For more information about life insurance and cremation in Tallahassee, FL, including grief resources, our caring and knowledgeable staff at Lifesong Funerals & Cremations is here to assist you.

Lifesong Funerals

We have nearly twenty years serving families of all backgrounds. These families turn to us in their time of need because they are aware that we are leaders in our vocation, have the highest level of integrity and are committed to providing quality service.

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