Replacing Social Security Income, Due to Death.

emmjer

Expert
31
As we all know, insurance is used to replace a person potential financial worth. Some family, have pension along with social security that they depend upon during retirement. If you have a family, that both spouses was working, then they would both would get social security, and a retirement plan of some kind. In most cases, the retirement plan can continue even if a spouse died, but social security do not. A person is given a choice on which social security benefit they want to received. I was thinking, could a policy be written in a way, that could replace that income?


I think this would be beneficial, for many people that did not take the step earlier in life to prepare retirement, but depend on both social security benefit.
 
As we all know, insurance is used to replace a person potential financial worth. Some family, have pension along with social security that they depend upon during retirement. If you have a family, that both spouses was working, then they would both would get social security, and a retirement plan of some kind. In most cases, the retirement plan can continue even if a spouse died, but social security do not. A person is given a choice on which social security benefit they want to received. I was thinking, could a policy be written in a way, that could replace that income?


I think this would be beneficial, for many people that did not take the step earlier in life to prepare retirement, but depend on both social security benefit.

Yes, essentially your talking about what one would call a pension max type of approach on the smaller social security benefit.
 
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