Replace Lost Social Security Benefits

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Replace Lost Social Security Benefits

Many people are not aware that if both spouses are receiving Social Security, the smaller of the two benefits is discontinued when one spouse passes away.

Although the larger benefit is retained by the surviving spouse, this loss of income can be devastating to the household – especially to wives who typically outlive their husbands by an average of more than 12 years.

One particularly cost-effective strategy for replacing this lost income is Guaranteed Universal Life Insurance (GUL). GUL provides a guaranteed death benefit to age 121. Although there is no cash value in the policy, GUL premiums are lower than premiums on whole life policies and will not increase for the duration of the policy. As long as GUL premiums are paid, death benefits are guaranteed.

GUL policies often are referred to as “Social Security Replacement Insurance” because their tax-free death benefit can replace some or all of the Social Security income that is lost when a spouse passes away.

Contact us to explore whether a Guaranteed Universal Life policy might be an appropriate solution for your household.

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