Immediately after, the death of a loved one is certainly not a good time to make financial decisions, especially major ones. A few of the major life insurance companies have finally listened to the life insurance customers and advisors regarding this issue. The advisors are those that usually deal with the ones that are grieving their loss.
The life insurance companies are now offering different options on policies when it comes to the beneficiaries. They want the beneficiary to be fully satisfied that the money is secure, yet available if needed, so what they are offering is basically an interest bearing checking account. The money stays in this account, giving the beneficiary time to cope with their loss before having to make these difficult decisions. However, if money is needed to pay for something right away, all they need to do is write a cheque.