Ask Larry

Is There Some Type Of Life Insurance Paid To Widow(er)s?

Someone informed me that upon the death of a spouse, SS has an actual lump sum life insurance benefit paid to widowers. The only information I have found in regards to this, is a lump sum death benefit of $250. Is there another lump sum death benefit that is available? I'm aware of the survival benefits but this individual was speaking about a one time payment and much larger lump sum then $250, are they mistaken? Thank you for your response...

Hi,

It sounds like you were misinformed. The $255 lump sum death benefit (https://www.ssa.gov/planners/survivors/ifyou7.html) is the only type of lump sum payment made Social Security. Social Security sometimes pays retroactive benefits to beneficiaries in a lump sum, but that represents an accumulation of monthly benefits that weren't paid timely for some reason.

Best, Jerry

Posted: 
Jan 24 2017 - 6:00am
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.
$40 Annual Household License
$250 Annual Financial Advisor License