Social Security System: Advantageous or Disadvantages?
Source: Social Security Issues
Everybody wants security. Good security means freedom from want and freedom from fear. For employees earning low income, the best insurance for you and your family’s future is the social security system. All governments of countries around the world do have this kind of program. While it promotes good welfare for every public or private employee, it also provides financial protection for families. Social security is defined as the primary social insurance program aimed to protect citizens from unwanted situations or conditions. The following conditions include poverty, seniority, disability, unemployment and from natural or man-made catastrophes. It is a kind of insurance where benefits are rendered in recognition to an individual’s services. One way of getting a social security is to get employed. The law requires every employer to give social security counterparts for their employees. But if you have enough money, you may resort to get insurance offered by known insurance companies other than having the social security membership. There are proven benefits of having a social security membership. It will protect you financially when retirement age reaches you. During cases of permanent or temporary disability, you can also take your share of the benefits. In case of death of the principal member, burial assistance will be tendered for the grieving family. When loss of the breadwinner happens, children aging from 18 and below will get subsidy from the government for their educational needs and sustenance. The living spouse will also receive monthly pensions. Some of these benefits, however, are to be enjoyed if the principal member reached 10 years of premium payments. Furthermore, in cases of emergencies like hospitalization due to sickness or accidents, the policy is applicable. If you are also in dire need of additional amount because of poverty or you are planning to...
Please join StudyMode to read the full document