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How To Buy Life Insurance

Group Plans

Before buying an individual life-insurance policy, a man had better find out to what extent he is covered automati cally or can obtain low-cost insurance through his being a member of a group.

In the United States the group life-insurance program covering by far the most people is the one included in the Federal Government’s Social Security law and financed by tax on covered employees and then” employers. At the death of a covered worker, the law settles who may receive insurance benefits, and how much. Benefits are not payable to children over eighteen years of age, or to a widow without children under eighteen, unless she has reached age sixty-two. For a man with quite young children, Social Security is the equivalent of a life-insurance policy with a pretty large value. Details are readily available at the nearest branch office of the Social Security Administration.

A military veteran whose service ended by 1956 is en titled to $10,000 Government life insurance, the rules varying with the time when he served. Starting in 1957, military servicemen have been absorbed into the Social Security system, and separate military insurance has been dropped. Certified Financial Planner - Read More.