Unfortunately, I'm a bit of a worrier. And now, with kids, my favorite past time of worrying has reached new levels. One of my highest priorities right now is to ensure that Morgan, Dayna and the new baby are provided for upon my death. Yeah, I know, it's a grizzly topic to discuss your own demise, but it's essential to consider loved ones left behind.
Of course, life insurance is one of the primary ways by which I'm able to take care of my family. The proceeds from our life insurance will be the bulk of the funds provided for my family, but my investments along with Social Security Survivor benefits will also provide a nice chunk of change for Dayna and the kids. Since Dayna is not working, she will be able to obtain a monthly check that will help her raise our kids without immediately worrying about going back to work ( yet, even working mothers are eligible, but the benefits are reduced ). Additionally, children under 18 are also eligible for a monthly check. Fortunately, I've been working now for 20+ years ( since I was 15 years old ) and I've accumulated enough SS credits to be eligible for SS benefits for my family. Dayna has also accumulated enough credits such that upon her death Morgan and I could each collect about $1,000 each a month.
Social Security Survivor Benefits
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