Losing a Loved One
Whether expected or unexpected, the death of a loved one creates a wide range of emotions and life changes that have to be addressed. As you begin to get your loved one's financial affairs in order, one of the first things you should do is review his or her benefits package. You should also make whatever changes are necessary to your own benefits. This section provides you with information that can help you confront some of the emotional and financial issues involved with the passing of a loved one.
Event Checklist
- Remove from Benefit Plans
Contact your Human Resources Department for information about the benefit plans you may want to remove your loved one from, and what paperwork is necessary to accomplish this.
- File Life Insurance Claims
In the case of an employee who dies, the Human Resources Department will work with the beneficiaries to handle the necessary paperwork. Note: In general, a certified copy of the death certificate will be required.
- What Should I know about Social Security and VA Benefits?
Social Security:
Contact your nearest Social Security office for information on survivor benefits. A deceased person's spouse, minor children, or even divorced spouse, are sometimes entitled to benefits. However, Social Security laws change frequently so check with your local Social Security office, or call (800) 772-1213 for additional information.
Be prepared to provide:
- The death certificate (or a certified copy)
- The Social Security number of the deceased
- The decedent's latest W-2 form or tax return
- The name and address of the decedent's employer
- Social Security numbers of spouse and minor children
- Birth certificates of spouse and minor children
- Marriage certificate
- Divorce papers, if applicable
Veterans Administration:
For assistance in filing claims for veterans and survivor benefits, counseling or emergency financial assistance, contact:
Disabled American Veterans
P.O. Box 14301
Cincinnati, OH 45250-0301
(606) 441-6300
For information on military funerals, contact:
Veterans of Foreign Wars
VFW Memorial Building
200 Maryland Avenue, NE
Washington, DC 20002
(202) 543-2239
- Review Insurance
Many people are under the misconception that they cannot afford the amount of life insurance that they actually need. The information needed to make an informed, intelligent decision on this subject is available to you through the Simplified Life Insurance Calculator and the following chart. The calculator provides a fast, accurate way to determine your actual needs; the chart provides you an estimate of the cost of meeting them.
Let's assume that you are a male, aged 35, who needs $250,000 of life insurance. This table shows you sample costs from one insurance company, using the assumptions described below. If you are preferred risk, the premium would be $18.59 per month. If you are a 32-year-old female, your rate would be lower than $18.59 per month.
The rates shown below are based on a 10-year renewable and convertible term policy, using "Non-Smoker Preferred Male" rates. Female rates are lower. (Remember, these rates are sample rates only, you might find lower rates in the marketplace.)
| Amount of Coverage | ||||
|---|---|---|---|---|
| AGE | $100,000 | $250,000 | $500,000 | $1,000,000 |
| 20 | $11.11/mo. | $16.84/mo. | $29.31/mo. | $48.13/mo. |
| 25 | $11.11/mo. | $16.84/mo. | $29.31/mo. | $48.13/mo. |
| 30 | $11.20/mo. | $17.06/mo. | $29.75/mo. | $49.06/mo. |
| 35 | $11.81/mo. | $18.59/mo. | $32.81/mo. | $55.13/mo. |
| 40 | $14.44/mo. | $25.16/mo. | $45.93/mo. | $81.38/mo. |
| 45 | $17.94/mo. | $29.53/mo. | $63.44/mo. | $116.38/mo. |
| 50 | $25.11/mo. | $47.47/mo. | $99.31/mo. | $188.13/mo. |
| 55 | $34.73/mo. | $75.91/mo. | $147.43/mo. | $284.38/mo. |
| 60 | $49.61/mo. | $113.09/mo. | $221.81/mo. | $433.13/mo. |