by Guest » Mon Feb 07, 2011 05:10 pm
I did find out the amount of the insurance funds left to me on my former spouse's death in January---I am the sole beneficiary. I recently asked about the benefit amount---it is six figures. The certified copy of the decedent's death certificate will arrive today, which was kindly sent to me via a mutual friend.
I need help in selecting the best option on the life insurance claim form for beneficiaries (if possible):
I am permanently disabled and collect a monthly Soc. Sec. Disability income. Any ideas? Should I take the LUMP SUM or open an acct., which is the other option? Pros and cons of each? I've never dealt with this situation before and want to do what is long-term financially best for me, for now and into the future.
I do not know a financial professional and thought maybe you fine folks here could help or point me in a good direction to help figure out the answer to this question.
Thanks SO MUCH in advance. This site is awesome.
Rich F. :D
I need help in selecting the best option on the life insurance claim form for beneficiaries (if possible):
I am permanently disabled and collect a monthly Soc. Sec. Disability income. Any ideas? Should I take the LUMP SUM or open an acct., which is the other option? Pros and cons of each? I've never dealt with this situation before and want to do what is long-term financially best for me, for now and into the future.
I do not know a financial professional and thought maybe you fine folks here could help or point me in a good direction to help figure out the answer to this question.
Thanks SO MUCH in advance. This site is awesome.
Rich F. :D
Posted: Tue Feb 08, 2011 01:54 am Post Subject:
In my opinion, you should take the lump sum. You can always buy your own immediate annuity if you want to generate an income you can't outlive, even though rates are low right now. If you take the lump sum, you can also spread your money out, such as using part of it for an immediate annuity, part of it to pay whatever bills/debts you may have, part of it to invest, etc. How the money is allocated really depends on your age/life expectancy/etc.
Posted: Tue Feb 08, 2011 02:57 am Post Subject:
Talk to an attorney to see how this may impact any government benefits that you may be getting.
Posted: Sat Mar 05, 2011 08:52 pm Post Subject:
By the way, do you have kids? If you do, you might also consider them in whatever you decide to do with your ex's insurance money. I think it's very nice of her to make you her beneficiary.
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