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The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

Financial planning for widows

Key takeaways

  • It’s important to have a plan about how to manage your finances if your spouse dies before you do.
  • You’ll need to take care of some things right away and other things over a longer timeframe.

Managing your finances after losing your spouse

It’s something most couples don’t like to think about, but unfortunately, one of you will likely die before the other.

That’s why it’s important to have a plan about how to manage your finances if your spouse dies before you do. While you’re grieving, there are some things you’ll need to right away, and others you can take some time to manage.

Immediate financial considerations

Longer-term financial considerations

Re-evaluate

As you’ll be losing 1 income, with the help of an advisor, it’s important to re-evaluate your financial situation, your budget, your retirement goals and retirement plan.

It’s not uncommon for women to feel the financial pinch of 1 income more than men. Often, their income and their pension will be smaller than men.

Take charge of your finances

  • Review your estate plan
  • Revise beneficiaries for investments and insurance policies
  • Update your will and power of attorney
  • Change the ownership title for bank accounts, investments and your car and home
  • To prevent fraud, cancel your spouse’s government ID cards and credit card
  • Cancel any services or subscriptions your spouse used that you no longer need, including social media and apps

What's next?

Now that you know more about financial planning after the death of a partner, you may choose to meet with an advisor or If your workplace benefits are with Canada Life, contact a heath and wealth consultant to: 

  • Review your estate plan and revise your beneficiaries for investment and insurance policies
  • Revise your retirement plan

The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors. 

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