Should I Choose A Survivor Benefit On My Pension?

[@accudave]

Insurance salesman. I do appreciate the different point of view, albeit an insurance centric one. Pass. It's a bit complicated and it's a commission based approach.

[@christopherhennessey8991]

I would go with full pension and go with a life insurance policy.

[@ThePsychnurse]

My Pension is different. If my contingent annuitant dies, I pop up to my full amount. If I remarry, I can add my new husband as my contigent anuitiant and the amount would be recalculated. My difference is only $200 per month based on age difference for 100% to my CA. I guess all pensions are different and it has been hard to find a video specifically to my situation. My Pension is PERSI of Idaho.

[@karenmaples6144]

What type of insurance? Term or life ? What is I get term , 20 years and out live my policy my loved one wouldn’t get anything

[@missedfortune]

We use Indexed Universal Life or what we call the IUL Laser Fund, which is our name for a properly structured IUL to perform the best for you. Term insurance is only paying for death benefit if you die during the term of the policy, there is no cash value in term insurance.

[@angiew4544]

Good point. We're about to go through those decisions.

[@freedomwillring6749]

Great advice. My old lady is a few years older than me anyway so I had her sign a release (which is required for me to claim single life pension). I still have about 8 years to go b4 retirement. I'm going to reevaluate my lump sum options when the time comes, and unless my monthly benefit pays over 6.5% based on what the lump sum amount offered is, I'll probably go with the lump sum.

[@manolocalifas6488]

Looking to see what life insurance coverage i can get.

[@jmb-cm7mr]

Using a life insurance company to cover retirement is pretty risky. many insurance companies during Covid either went out of business or never paid out the claims.

[@BarnabyBarry]

Both of my kids each will receive $1800 monthly for life plus COLA (this guarantee reduces my pension tax free $800 monthly) for the rest of my life! If one of my kids die before me then my monthly premium will be adjusted! This can never be changed so my kids are set for life (even if I marry again etc)

[@christopherhennessey8991]

Or stick with a single and obtain a life insurance policy for X lump sum amount.

[@drirene57]

Thank you very much!

[@mvj1960]

My monthly benefit pays 8.6% based on the my lump sum amount. I can take 15 years certain plus life. My only certain is the Trust in which its held because most of my co-worker are taking the lump sum because the money will go to their kids when they have passed away

[@jmb-cm7mr]

This advice is def not for every situation. Life insurance policies are very expensive the older you get you would most likely pay more for the policy than the benefit amount would be to the surviving spouse. And Insurance companies can be risky to deal with many went out of business during Covid and did not pay out the survivor benefits. My husband and i will stick with the guarantee of survivor benefits. from his pension, we will have plenty of money to live on so this is the best choice for us.