Widowed financial position

[nevercoffee]

I'm recently widowed after my husband passed away from a short illness .
I am in my mid forties with a 12 year old child and I'm wondering how people in a similar position managed financially.
I am lucky that we had life insurance which has paid off the mortgage and left a small lump sum on top . I also receive the widow benefit for a year too . I work full time too so have a regular income.
So what I suppose I'm asking is if you have been sadly also in this situation and
I appreciate it's an awkward question but how was your financial position after something like this , were you comfortable and able to take time away from work , have savings in the background ? Or were finances tighter .

Sorry for your loss. I already owned my house outright before being widowed from my partner. As I was not married I was not entitled to widows benefits.

I am fortunate that my parents have stepped in and help me financially. I am working full time on just above minimum wage trying to raise 3 kids.

I would encourage you to join the charity WAY (widowed and young). They have a large Facebook presence and local area groups meet up to support each other and just to socialize.

The answer to your question is so varied. Some people become financially better off whilst others are losing their homes have little support from family, friends.

Sorry for your loss. My brother, in this situation, took a long period of sick leave from work. He then lived with my parents for some time with his children. Life insurance paid off the mortgage. He ended giving up work and living off the rental income while living with our parents. His children were much much younger than yours (his wife was a maternal death). He ended up financially much better off in the long run. He has gone back to work but only part time.

I’m sorry for your loss

My husband was widowed 10 years ago with two children of a similar age, and a similar age to you.

He was immediately much better off in terms of assets, because the mortgage was paid off - though you can’t sell a house and live in it, so in terms of month to month finances he was only a mortgage payment better off, and that was less than his wife was earning.

However, he also received death in service and life insurance payments, became eligible for tax credits, and widower payment.

So actually, he was better off financially. He struggled with the lump sum money - like when he needed a new car, he felt guilty being able to buy “nice things” in his mind, because his wife had died.

Over the much longer term, of course the immediate financial “gain” would have been no more than the money he lost from not having her - yes the mortgage was paid off, but they’d have paid that off anyway. Yes, he got a lump sum - but years later her pension would have been as good as that.

In purely financial terms, over time as a single person he’d have broken even.

Much love to you and your child ❤️

Bereavement support payments should run for 18 months from when you claimed.
If you have less than 16k and depending on your earnings you may be eligible to claim Universal credit although the threshold is pretty low with one child and no housing costs but if earnings were reduced due to being off sick you may qualify.

So sorry to hear this. I was widowed in very early forties whilst a SAHM. Short/medium term financials were not an issue due to death in service/widow's pension until children reached 18 but long term needed thinking about - pension prospects etc. It's a strange position to be in to be cash rich but feel financially insecure and having to work out how to make the money grow/last as long as possible. Eventually got a toe hold back in the workforce but it was about a year post bereavement before I could think about it. It is a massive shock to find yourself alone.

I am lucky to be finally secure. Life insurance meant I’m mortgage free and I’ve a very large lump sum which is invested to grow the capital. I haven’t touched it yet but in time I’ll use it to top up my income. I work 4 days a week and whilst I don’t earn a fortune I have a good income. The children also have a big lump sum as as they have my husbands share of his inheritance from his parents so I appreciate I’m in a position where money isn’t a problem. My parents are very wealthy so in time I’ll be a beneficiary of that too so have a cushion that many in my position would not be in