What Is a Widow Pension?

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A widow pension is a rarely used financial savings plan designed to cover an individual worker's spouse in case of death. Widow pensions are an historical term, but can be better understood with tips from a registered financial consultant in this free video on finance and investment.

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Video Transcript

This is Financial Adviser, Patrick Munro, talking about what is a Widow Pension? A Widow's Pension is an old term, really historical term designed to really put across the point that back in the industrial age when individuals were married, the husband was the only one that worked. The wife used to stay at home. And of course, life spans were lower at that time. The husband would work at a foundry or a steel mill or an industrial complex and that company would set up a pension for that individual throughout his working career, sometimes lasting twenty to twenty-five years. As the money was kept in safety, it was designed so that if the individual worker was to pass away during his employment with the company, the widow, his wife, would receive a pension from his passing, from his death and therefore it still stays to this day a historical term, Widows Pension. This is Financial Adviser, Patrick Munro talking about the term Widow's Pension.

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