Deadly Diagnosis: Handling the Money Side of Terminal Illness

It is perfectly understandable that a terminal diagnosis will cause a great amount of emotional distress and turmoil in your life.

Aspects of your terminal illness that will probably not come to the fore immediately include how to tackle your financial situation and put everything in order for the immediate future and when you are no longer around.

There are a continuing number of mesothelioma claims being made on behalf of victims who have been exposed to asbestos and this is often welcome not just because of the chance to claim compensation but also because it may help in the handling of the financial aspects surrounding a terminal diagnosis.

To do list

There are numerous practicalities that we all have to face up to when we are aware that death is approaching us.

Whilst you are still in a position to make legal decisions and want to make the necessary financial arrangements, there are a number of things that should be on your to do list, including making a will.

If you have not already done so, it is important that you make a will so that your final wishes can be carried out more effectively and it will also be advisable to assign a power of attorney to the loved ones who you want to entrust with taking care of your finances when you are no longer in a position to do so.

Check all of your policies

Make sure that you maintain all of your existing life insurance policies and check all of the details of each individual policy.

Make a comprehensive list of all of your life insurance policies and investments such as stock market shares as well as savings accounts. You would obviously not want your family to experience financial difficulties or encounter problems resolving your affairs after you have gone, so make sure you work through all of your paperwork as best you can with the people who will ultimately be the beneficiaries of your insurance payout and investments.

Getting some government help

If you are diagnosed with a terminal illness such as malignant mesothelioma, there are special rules which may apply to you and allow you to receive some financial support.

There are special rules that mean you could be fast-tracked for certain disability benefits if you are unable to continue working and need some financial support in the interim.

You might qualify for Disability Living Allowance or a Personal Independence Payment and if a loved one has to look after you, they may be able to claim an Attendance Allowance.

It is always worth checking to see what financial assistance you might be entitled to and even if you are unfortunate enough to be given a short-term prognosis, it is still worth applying for help, regardless of how long you have been given to live.

It is extremely difficult to focus on financial matters when you have been told that your life is coming to an end due to a terminal illness, but it is important to get everything in order or at least ask a loved one to help you sort it all out.

Phyllis Thompson works in financial planning and appreciates the importance of keeping the monetary aspect of illness under control. She likes to share her insights online and is a regular contributor for a number of consumer websites.

 

 

 

 


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December 2, 2015 Deadly Diagnosis: Handling the Money Side of Terminal Illness