Author Topic: Social Security Survivor Benefits for Breadwinner who loses nonworking coparent  (Read 504 times)

J Boogie

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Hey everyone, trying to determine how much life insurance I should have for my wife (32 yo, not yet a citizen).

Everything I read on the internet about survivor benefits relates to the breadwinner dying. Are there any benefits that the breadwinner is entitled to so they can cover the cost of childcare?




dandarc

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If your wife has no social security credits, I don't think there are any social security benefits if she dies.

Term insurance is cheap on young healthy people - you can mitigate this risk that way.

J Boogie

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Thanks Dandarc. I think I'll increase the policy I have for her. Right now I believe it's just under 100k, which is pretty much the same as me.

How much life insurance does everyone else have for themselves and their spouses?

dandarc

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We've got $1M on me and $500K on my wife. We were more on the Dave Ramsey plan when we set that up. I switched mine to a 10 year term when we moved more towards a MMM plan, but she never did change hers from the 30 year term we had originally.

It is actually a universal life policy structured as a term with little to no cash value. At the end of the 10 years, the benefit goes down rather than the premium going up - seems like we'll either be FI and cancel it entirely by 2024, or have amassed sufficient wealth that we won't have a need for such a ridiculous amount of life insurance, and the decreasing benefit will fit the bill there.

katsiki

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I had 500K 20-year term policy.  Just added another policy recently for 250K 15-year term.  Get it while you are young.  I am paying more for the lesser policy...

Figure out your liabilities and what you want to pay for.  ie expenses for spouse for X years, kid's education, etc.