Employee Life and Disability Insurance

Social Security Survivors Benefits

Many people who don't have employer-provided life insurance benefits can't afford to purchase life insurance on their own. Fortunately, there is another program that can provide a safety net for families. Social Security isn't only a retirement program; it also provides benefits for disability and survivors called Social Security Survivors Benefits.

Social Security may provide survivor benefits in the event of a supporting family member’s death if they worked, paid Social Security taxes, and d earned enough credits. It is possible to earn four credits per year. A total of 40 credits is enough to qualify for any type of Social Security benefit, which means that benefits are available after working a minimum of 10 years.

According to the Social Security Administration, one out of every six 20-year-olds will die before the age of 65, so this governmental benefit is an important one.

Survivor Eligibility

Who is eligible for the benefits? Social Security survivor’s benefits can go to widows and widowers, unmarried children under the age of 18, dependent parents, and divorced spouses.

Widows and Widowers

Widows and widowers may receive full survivor’s benefits at full retirement age or reduced survivor benefits at age 60. Disabled widows and widowers are eligible for benefits from age 50 if the disability began before, or within 7 years of, the spouse's death. If the surviving spouse has a pension from work in which Social Security taxes weren't paid, then they may be eligible for reduced survivors’ benefits.

If a widow or widower is younger than 60 (or 50 if disabled), they can receive survivor’s benefits if caring for the child of the deceased who is under the age of 16, or who is disabled AND receiving Social Security benefits on the record of the deceased.

Children

Unmarried children under the age of 18 as well as children as old as 19, that are full-time elementary or secondary school students, may receive benefits.

Children disabled prior to age 22, and who remain disabled, can receive benefits at any age.

In certain cases, benefits may be paid to adopted children, stepchildren, and grandchildren.

Dependent Parents

Dependent parents can begin receiving benefits at age 62.

Divorced Spouses

Divorced spouses are eligible to receive benefits as the widow or widower if the marriage spanned at least 10 years and the deceased was 60 or older (50 if disabled) when they passed away.

However, if the surviving spouse is caring for the child of the deceased who is under the age of 16 or disabled and receiving Social Security benefits on the record of the deceased, the child isn't subject to the length-of-marriage rule and is therefore eligible for a benefit amount.

There's a direct correlation between average lifetime earnings and the amount of survivor’s benefits. The more the earnings, the more the benefit will be.

According to the Social Security Administration, the value of survivor’s benefits for the average worker with a spouse and two children is equivalent to a $300,000 life insurance policy.