Life Insurances Reviews & Info

You may need less life insurance than you think! Why? Your family may qualify for death benefits from Social Security. Family members such as widows, widowers, children and dependent parents can receive benefits.

98 percent of children who lose a parent while that parent is working will be eligible to receive benefits. Although you may still need to research 10 year term life insurance rates or whole life insurance plans, you may not need quite as much coverage as would without these social security benefits. The benefits that you earn when you are a worker and pay taxes can reduce your need to buy as much insurance and thereby lower the rates you pay for coverage.

It is easy to estimate how much the benefit will be. If you are over age 25 and have a job, you probably receive a social security statement in the mail each year. This is one of the free services of the SSA. The information in the statements include an estimate of survivors’ benefits for each worker.

• Who may qualify for these benefits?
• Your widow or widower
• Your surviving divorced spouse
• Your unmarried children
• Your dependent parents

Your surviving widow or widower may receive benefits while taking care of your child who is under age 16. Your widow or widower may qualify for your retirement benefits when they reach full retirement age.

Your former spouse can also be eligible for benefits if he or she is over 60. (A disability can matter. If he or she is disabled per social security’s definition he or she can be younger and still receive benefits.) Your marriage must have lasted ten years or more or he or she must be the caretaker of your child who is 16 or younger.

Your unmarried children may also receive benefits until age 18 or 19. They must still be in school to receive benefits at age 19.

Your dependent parents may be eligible for benefits. They must be age 62 or older and you must have provided 50 percent or more of their support.

Benefits are typically received 12 times a year. Your beneficiary can receive a monthly check or receive a direct deposit to a personal checking account.

You can find out more about how death benefits from Social Security works including information on securing benefits from the Social Security website.