Everybody knows that Social Security helps grandma pay her grocery bill, but many forget that it does much more. Social Security survivors benefits are still the largest and most generous life insurance program in the country--insuring 98% of American children against the loss of a parent. For the family of an average worker who is married with two children, Social Security is the equivalent of a private life insurance policy worth nearly $500,000. I was reminded of how important Social Security survivors benefits are by a shocking statistic in the news. USA Today reported last Friday that the number of Americans purchasing life insurance has reached its lowest point in 50 years.
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