I listen to the Jill Schlessinger podcast, Jill on Money. Her advice is clear, straightforward, and as in-depth as a 20 minute discussion can be. She doesn’t shame or yell at her callers, and she isn’t selling any services. Her callers range from people who have little to no money saved to people with millions.
The other day she took a call from a 49 year-old woman whose husband had died within the last year. The family was not hurting for money. He insured but probably could have used more. They lived below their means and were savers. But without his income their cashflow changed drastically because he out earned her teacher’s salary significantly. Their 2 children, age 12 and 15, were able to receive Social Security survivor’s benefits that brought in about $5,000 / mo. When people talk about SS, I think this is an often overlooked part of the program. I am sure that we all hope no one we know has to use the insurance component, just like we hope our fire insurance turns out to be wasted money, but it is good to know it is there.