#1 Category: Personal and Family Risks—Death of a Spouse
The response to loss, particularly to the loss of someone who has died is different from person to person. Some might be prepared for this unfortunate but inevitable event, some might end up with a pretty serious depression. Grief over a spouse’s death is most definitely something no one wishes to happen.
With all this grief comes the financial impact: A spouse’s death can actually lead to a reduction in pension benefits or bring additional financial problems, including lingering medical bills and debts. Also, the surviving spouse may not be able or willing to manage the finances after the loss, especially if they were usually handled by the deceased.
However, financial vehicles are available to guard the income and needs of survivors after the spouse’s death. Financial vehicles can actually protect life insurance, survivors’ pensions, and long-term care insurance. Note that estate planning is also an essential aspect of providing for survivors.