Social Security has a benefit that many people don’t know about. If you are contributing to Social Security and you die and have dependents they are entitled to benefits. You can find more detail of how much those benefits are here at the Social Security website. Like most things Social Security related it is based on how much you have paid into Social Security. Here is probably the most important information to know.
Your widow or widower who has not remarried can receive survivor’s benefits at any age if they take care of your child who is under age 16 or is disabled and receives benefits on your record.
The reason I am mentioning this is that I have had discussions with multiple people about life insurance. They have expressed interest in life insurance because they were having children, or more children and were concerned about their wives being financially stable if they were to die unexpectedly. I think it is great that people are thinking about their wives futures. That shows a great husband. The unfortunate part is that they were not completely aware of all the benefits they were entitled to via Social Security related to life insurance.
Life insurance is certainly an important topic and I am not saying you should have none. You should understand all the money available to you when making plans.
This is another example of where a financial planner can help make good financial decisions, saving you money, in the long run. If you didn't know about the Social Security life insurance benefit you might end up purchasing more life insurance than you need.
Email Axel Hoogland at HooglandAxel@Highland-WealthManagement.com or call me at 715-820-0377 to discuss life insurance options (I can guide you through options, I don't sell you life insurance) or other information about how financial advising could help secure your financial future.