Financial Planning for Life Insurance Payout

Someone you care about has passed away. Thankfully, your loved one took the responsibility and had life insurance to make sure you’d be taken care of and have one less thing to worry about.

The question is, what on earth do you do with this pile of money? It’s likely more cash than you’ve ever had in your life, and making the best decisions with it now can set up your entire future.

Recipients of life insurance proceeds typically have a lot of questions:

> Do I pay off the mortgage with the money?
> Should I just put the life insurance payout into my savings account?
> Do I buy a new house with the settlement from the life insurance policy?
> Is there tax on life insurance payouts?
> Can creditors garnish life insurance proceeds?

At this point, your best option is to sit down with a financial advisor who has experience helping people through dealing with life insurance proceeds. We can take an overview of your situation, look at what you want to accomplish in your life, and give you guidance on how best to achieve this using the funds available.

Putting together a plan and a proper investment strategy is the first step you should take when receiving life insurance benefits. Meet with us, and we can walk you through these very important steps for protecting these funds and making them work for you.