Not at all. Social Security is the nation’s largest and most generous program for disabled workers, providing 8.9 million with benefits. It is also the nation’s largest and most generous children’s program, serving 4.3 million children. In fact, about one in three Social Security beneficiaries are receiving disability or survivor benefits.
Social Security is by far the nation’s most important life insurance policy, providing benefits to older persons (i.e., widow and widowers) whose spouse has died, to many younger spouses caring for dependent children, and to children whose parent has died. Social Security’s protections are estimated to have a present value of $612,000 in life insurance and $631,000 in disability insurance for a married worker who has average earnings and two children under 5 years old.