Losing a spouse is emotionally overwhelming, and the financial responsibilities that follow can make an already difficult time even harder. Here are five important steps to help ensure you claim every survivor benefit, insurance payment and financial entitlement you may be owed.
First, review your Social Security survivor benefits.
Confirm whether you are eligible, how much you may receive and when you should begin claiming. Depending on your circumstances, it may be more beneficial to claim Social Security survivor benefits first and switch to your own retirement benefit later, or follow the opposite strategy. The goal is to determine which claiming approach may provide more lifetime income.
Second, file every available life insurance claim.
Contact each insurance company and provide the relevant policy numbers and certified death certificate. Life insurance payouts may be paid as a lump sum or through instalments. When the money arrives, consider using it to stabilise your immediate cash flow before withdrawing money from long-term investments.
Third, contact the pension plan administrator.
If your spouse had a pension, you may be entitled to ongoing pension survivor benefits. Eligibility depends on the pension plan and the survivor option selected. Rules may also differ between private-sector, government and military pension plans. Confirm what benefits you are entitled to, how much you may receive and when payments will begin.
Fourth, check employer and union benefits.
Surviving spouses may be entitled to final wages, unused leave payments, group life insurance, retirement benefits or other employer-sponsored survivor benefits. These benefits sometimes remain unclaimed simply because the surviving spouse does not know they exist.
Fifth, arrange your health insurance coverage.
If your health insurance was provided through your spouse’s employer, find out how long the existing coverage will continue and what options are available to replace it. Acting early can help prevent a gap in your healthcare coverage.
Every situation is different, so confirm the applicable rules with the Social Security Administration, insurance providers, pension administrators and qualified financial or legal professionals.
This step-by-step survivor benefits checklist can help widows and widowers protect their finances and claim the benefits they may be entitled to after the death of a spouse.
Comment “CLAIM” if you would like more guidance on survivor benefits, retirement planning and financial planning after losing a spouse.
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