Serenia Life Financial
By Jennifer G. McKechnie
January 11th, 2023
The days, weeks, and months after losing a spouse can be some of the most difficult that we ever face.
We are left to cope with our own grief, while in some cases supporting mourning children or other dependents. But despite this immense grief that we carry, time marches on – and with it, the pressure to manage household responsibilities, stick to a budget, and pay off debt.
For some, managing finances may be completely new, as this may have been the role of their late partner. For others, the challenge may be the loss of income. Either way, getting our finances in order becomes an urgent task, as life goes on and new bills continue to come in.
If the partner who passed away purchased life insurance, their spouse may not have to rely solely on a single income to cover the cost of living. But without life insurance, the individual may be in a situation of having to grieve, while trying to manage financial obligations (e.g., mortgage payments), and possibly facing new debt (e.g., their late spouse’s credit card bill, post-secondary loans, taxes, etc.). This may mean needing to reassess lifestyle choices, and may even require downsizing as a way of mitigating expenses on a fraction of their previous household income.
