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Best Ways to Manage Life Insurance Proceeds After a Spouse Dies

June 10, 2019

From the nextavenue website

I handled all the household finances and bills throughout my 32-year-marriage to my husband, Dale. But when he suddenly died of a massive heart attack at 57 last year, I was so traumatized by the loss, I couldn’t think clearly about managing his life insurance proceeds. In an instant, I had more cash rolling in from it than either of our incomes had ever produced.

Luckily, I have a family member who’s a finance expert. He helped me make key decisions about how best to handle the money. That meant figuring out things like what debt should be paid off, how much to leave in liquid assets (like bank accounts and money-market funds) and setting up a budget.

But not everyone has someone like that. If you don’t, here’s what I suggest you do if you find yourself needing to manage life insurance proceeds after the death of a spouse.

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From → Finance

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