Things You Can Spend Your (Forgotten) Unclaimed Insurance Benefits On
What if you suddenly found yourself on the receiving end of a windfall? What if years ago, a relative died and no one knew about the insurance policy that was left behind for you? When people think about life insurance, top of mind would be the most important things: provide money for loved ones upon death, defray costs in the event of a medical emergency or illness. While those are all true and cover the most important uses of life insurance, what if those were already covered and now you are the unexpected recipient of a large amount of money. Beyond the basics, this insurance claim can give you financial wiggle room for your needs and wants. Here are five other ways you can spend your insurance claims: 1. Use it to pay estate tax Unexpected death usually leaves behind a lot of financial loose ends, and among those, estate taxes can be the biggest expense that you need to deal with. Fortunately, a windfall can provide you with the resources you need to settle those taxes, s...