5. Make a claim
Make the right financial move after losing your spouse and contact the life insurance agent for any policies you own to make a claim. You’ll likely be offered an account to hold the money until you have an investment plan, but it probably won’t be federally insured and will pay very little interest.
Take into consideration rolling it to a higher-interest savings or money market account backed by the Federal Deposit Insurance Corp. However, remember that the coverage limit is generally $250,000 per institution, so you may need more than only one bank.
Or, if you already have an account which is taxable and you and your spouse previously vetted as a safe place for shorter-term savings, use that account.
