The death of the loved one can come as a huge shock. It’s often a heartbreaking experience for the whole family and can be a situation that takes quite a bit of time to get over. If you are experiencing the death of the family breadwinner, then it can take an even harder toll on the family as you try to figure out ways to provide for yourself and any children in the home.
How To Get By After The Death Of the Family Breadwinner
Fortunately, there are resources available. There are also ways that you can make money.
We’re here to help you to ensure that your bills get paid and that your family has everything you need.
Life Insurance
Consider purchasing a life insurance policy. When you take the step and invest in life insurance, you ensure that your kids are provided for no matter what happens.
Some are for only a few years before they are renewed and others span a lifetime.
You can list multiple beneficiaries on the policy so that your children can be taken care of financially as well.
Another benefit of life insurance is that parents can be added to the policy if you’re taking care of them as they get older in the event that something happens to you.
This would mean that they would have the money they need to support themselves or to afford a nursing facility if there is no one left to provide them with care.
Here are some other factors to think about when you’re considering life insurance:
- Monthly payments
- Coverage if the death is an accident
- Funeral expense coverage
Beneficiaries
After choosing a life insurance policy, you need to make sure any beneficiaries who are listed are updated each year.
You might have more children you need to add, or there could be someone you need to remove.
This could change the dynamics of how much you pay each month because of the number of people on the policy.
You also need to consider your spouse and whether you want to include an ex-spouse or not.
This could be a sensitive issue for some families who remain close to each other.
Did The Family Breadwinner Have Savings?
A savings account is good to have in the event that the breadwinner of the family dies.
You can use the money for food, urgent bills, and funeral expenses.
Keep in mind that savings and checking accounts should be in both names. Yours and your spouse’s.
This makes it easier to remove one name from the account so that the other person can control it if the other dies.
Instead of going through a lengthy process of trying to take control of the money that’s rightfully yours.
Safe Deposit
One way to save money is by putting it in a safe deposit box at your bank. It won’t be in your home, so you won’t think about the money.
If the breadwinner dies, then you can remove the money from the box and use it to pay for what’s needed.
You can then put what’s left back so that it can be saved for when you need it again.
Your loved one’s valuables can also be kept in the box so that they aren’t lost, stolen or damaged. This allows belongings to be passed down through generations.
The death of a family member can be devastating, both emotionally and financially.
Last Updated on June 26, 2023 by Lucy Clarke
