Dealing with the death of your spouse:
What you can do to prepare ahead of time
The death of a spouse is a loss everyone hopes they never have to deal with. But unfortunately, it is a tragedy you may have to confront. If the worst does happen, it’s important to have a plan in place to help you work through what is sure to be an emotional and difficult time. Here are five things you can do now to prepare:
- Request a life insurance coverage amount that meets your family’s needs – for yourself and for your spouse. Even if one of you earns substantially more than the other – or if one of you earns nothing at all – it’s your combined lifestyle that needs to be preserved. Some insurance industry experts recommend up to 10-times the amount of annual income earned for each person.
- Create a living will so you or your spouse won’t be forced to make difficult decisions about continued care. If either of you becomes incapacitated and unable to voice your wishes, a living will provides guidance to medical care personnel about the level of care that should be administered and the types of interventions that could be made to extend life. A living will ensures you receive the treatment you want, without burdening your loved ones to make life or death decisions on your behalf.
- Compile your insurance information, including the telephone numbers of your insurer’s customer service line. Find out what sort of proof your insurer requires for you to claim your benefit – be it a death certificate or some other form of documentation so that you know what to request from the hospital or authorities. You may also wish to print claim forms from your insurer’s web site ahead of time, to save the time and hassle of having to do so while you our your loved one is grieving.
- Choose a life insurance plan that offers an accelerated benefit option. This feature pays a percentage of the death benefit up front, if the insured individual is given six months or less to live by a physician. This lump sum could be put towards expensive medical treatments, paying down your mortgage or even on a vacation so you and your spouse can spend precious time together. Ultimately, the death benefit received from a life insurance plan that has this option will be reduced by the amount paid out under the accelerated benefit option.
- Prepare to ask for help from friends, family and support groups. Find out if your church or community offers a widows and widowers’ support group and be open to joining when you feel able. Grieving is a multi-step process that can take years to work through. Losing your partner is a devastating experience, but with the help of loved ones and the care of professionals, it is a tragedy that can be overcome.
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