Life Insurance Check is In

[jinksd1]

Backstory for those who don't know yet:  DH died a month ago.  I'm 39 and currently unemployed.  I will start my job search again soon, but I have no idea how long it will take me to find a job. 

I just received the life insurance check.  Some of it is earmarked for paying off the funeral, final hospital bill, and credit cards.  A lot of it will remain liquid in checking and savings accounts for emergency funds and to live off of until I find a job.

Eventually I may choose to pay off the house, as without a mortgage to pay, my long-term budget would probably be okay once I get a full-time job.  But I am not making a decision about that either way until at LEAST six months have passed AND I have a full-time job.

My question is what to do with the amount that I may eventually use to pay off the house.  We're talking about $75,000 here.  I definitely will not need that portion of the money for living expenses or anything else in the meantime, so I just need to keep it safe and accessible in 6-12 months.  I'd also like to earn some modest interest on it in the meantime.

Is my best option a 6-month certificate of deposit?  Or is there something else I should be doing with it?

[Ombud]

IMO that is your only option. This is not money to put into the stock market or bonds

[jinksd1]

Okay, I just got back from the bank.  I opened a money market account to put it in.  The rates were higher than for CDs for the amount I wanted to do, plus there's no penalty for early withdrawal or anything like that.  It's not like I'll get rich off of it, but at least it will earn a little while remaining safe and accessible.

[kittensaver]

Jul 31, 2015 14:18:54 GMT -5 jinksd1 said:

Okay, I just got back from the bank.  I opened a money market account to put it in.  The rates were higher than for CDs for the amount I wanted to do, plus there's no penalty for early withdrawal or anything like that.  It's not like I'll get rich off of it, but at least it will earn a little while remaining safe and accessible.

You did the right thing under the circumstances. Investing is for money you can put aside for a long period of time. Money you plan to use in the short-term (you said 6 months to a year) should be tucked away in safe (read: not risky) place where you can get at it when you are ready.

Bless your DH for caring enough about you and your welfare to have a life insurance policy

[jinksd1]

Jul 31, 2015 15:31:11 GMT -5 kittensaver said:

Jul 31, 2015 14:18:54 GMT -5 jinksd1 said:

Okay, I just got back from the bank.  I opened a money market account to put it in.  The rates were higher than for CDs for the amount I wanted to do, plus there's no penalty for early withdrawal or anything like that.  It's not like I'll get rich off of it, but at least it will earn a little while remaining safe and accessible.

You did the right thing under the circumstances. Investing is for money you can put aside for a long period of time. Money you plan to use in the short-term (you said 6 months to a year) should be tucked away in safe (read: not risky) place where you can get at it when you are ready.

Bless your DH for caring enough about you and your welfare to have a life insurance policy

Actually, it was me that insisted we protect each other with life insurance.   He didn't really want to pay that much every month when we were pretty broke already, but he came to see reason.  I told him I hoped it was the biggest waste of money we ever spent, but just in case...

Unfortunately, that's not the way it went.  But without the money, I really don't know what I would do, so at least there's that.  I'd give it all up to have him back, though.

Now there's a week-long hold on the money because of the large amount.  I feel like all I do is wait these days.  Wait for the insurance to come in.  Wait for the funds to be available.  Wait for paperwork and call-backs and other people to do their part.  Wait for the day to be over and wait to fall asleep to escape for a while.  Wait for the pain to get better.  I'm so sick of waiting.

[buystoys]

My heart goes out to you......

Prayers for you to find solace in these next weeks while you mourn and develop a new life plan.

[The Captain]

Jul 31, 2015 15:48:00 GMT -5 jinksd1 said:

Jul 31, 2015 15:31:11 GMT -5 kittensaver said:

You did the right thing under the circumstances. Investing is for money you can put aside for a long period of time. Money you plan to use in the short-term (you said 6 months to a year) should be tucked away in safe (read: not risky) place where you can get at it when you are ready.

Bless your DH for caring enough about you and your welfare to have a life insurance policy

Actually, it was me that insisted we protect each other with life insurance.   He didn't really want to pay that much every month when we were pretty broke already, but he came to see reason.  I told him I hoped it was the biggest waste of money we ever spent, but just in case...

Unfortunately, that's not the way it went.  But without the money, I really don't know what I would do, so at least there's that.  I'd give it all up to have him back, though.

Now there's a week-long hold on the money because of the large amount.  I feel like all I do is wait these days.  Wait for the insurance to come in.  Wait for the funds to be available.  Wait for paperwork and call-backs and other people to do their part.  Wait for the day to be over and wait to fall asleep to escape for a while.  Wait for the pain to get better.  I'm so sick of waiting.

It will get better.   And kudos to you for being so strong. 

[sarcasticgirl]

Huge hugs to you. I wish there was something I could say to make it better, but it is all still new and only time, unfortunately, will make it better.

Sent from my HTC One_M8 using proboards

[taz157]

Jul 31, 2015 17:00:45 GMT -5 sarcasticgirl said:

Huge hugs to you. I wish there was something I could say to make it better, but it is all still new and only time, unfortunately, will make it better.

[justme]

Just a thought depending on whether your timeline gets pushed out - online banks have money market accounts too and usually pay more than the national banks.

[Happy prose]

So sorry for your situation. Do you have family or friends near by? 

[HoneyBBQ]

jinks, you're handling a terrible situation with maturity and grace. I wish there was more I could do. 

[Deleted]

Jul 31, 2015 15:48:00 GMT -5 jinksd1 said:

Jul 31, 2015 15:31:11 GMT -5 kittensaver said:

You did the right thing under the circumstances. Investing is for money you can put aside for a long period of time. Money you plan to use in the short-term (you said 6 months to a year) should be tucked away in safe (read: not risky) place where you can get at it when you are ready.

Bless your DH for caring enough about you and your welfare to have a life insurance policy

Actually, it was me that insisted we protect each other with life insurance.   He didn't really want to pay that much every month when we were pretty broke already, but he came to see reason.  I told him I hoped it was the biggest waste of money we ever spent, but just in case...

Unfortunately, that's not the way it went.  But without the money, I really don't know what I would do, so at least there's that.  I'd give it all up to have him back, though.

Now there's a week-long hold on the money because of the large amount.  I feel like all I do is wait these days.  Wait for the insurance to come in.  Wait for the funds to be available.  Wait for paperwork and call-backs and other people to do their part.  Wait for the day to be over and wait to fall asleep to escape for a while.  Wait for the pain to get better.  I'm so sick of waiting.

I hear your voice on waiting and honor it.  But that is only where you are now - not where you will always be.  At some future day, and no one here can tell you which day it will be, you will find yourself in the world of NOW, not the world of waiting. Trust us all on this because we have all lived your world in one way or another.  And on that day you will come back here and start another thread because you will be living in your very new NOW, confident that we will hear your new voice with respect.  For tonight, just sleep in the knowledge that you have many understanding faces present with you everyday.

[jinksd1]

Jul 31, 2015 17:48:23 GMT -5 Happy prose said:

So sorry for your situation. Do you have family or friends near by? 

Thank you.  Yes, my parents are close by.

[jinksd1]

Jul 31, 2015 17:45:11 GMT -5 justme said:

Just a thought depending on whether your timeline gets pushed out - online banks have money market accounts too and usually pay more than the national banks.

Good to know.  Thanks.