You have just lost someone close to you, and it is a difficult time. You are grieving, but there is so much to do: make funeral arrangements, care for family and attend to new financial responsibilities.
Here is a brief overview of some of the things you should consider to help you take the appropriate steps to make this painful time a little bit less stressful:
• Contact your loved one’s employer. Find out whether they were covered by employee group insurance. You should also ask about any possible pension benefits, accrued vacation or sick pay and credit union accounts.
• Contact any organizations your loved one belonged to, especially unions. You might qualify for benefits through these groups.
• Gather your loved one’s bills. Some bills are covered by credit life insurance that pays off the balance in the event of a customer’s death.
Losing a loved one may have a big impact on your financial security. Other family members may now be even more dependent on you, and if you have been left a significant inheritance, you will have to decide how best to manage it.
You might want to consider using some of your inheritance to purchase life insurance protection. A single-premium policy can give your beneficiaries financial security, and death benefits from a life insurance policy are usually free from federal income tax.
Permanent life insurance offers living benefits, too, like the option of borrowing against a policy’s cash value to help fund retirement or pay for college. (Loans against your policy accrue interest and decrease the death benefit and cash value by the amount of the outstanding loan and interest.)
Life can change suddenly and unpredictably, so it is best to be prepared. The smartest time to make arrangements for tomorrow is today.
Eton Lacon
Agent
New York Life Insurance Co.
Rego Park
