Financial Mistake: Not considering life insurance in lieu of a pension election option with a spousal benefit.
Buying Life Insurance Instead of Taking a Spousal Pension Option
For those married with pension options, an election to provide a spousal benefit typically could result in a re-duction of your income of up to 25% or more (depending on the option you select). Often, this still leaves the spouse with only a percentage of this reduced check.
When a spousal pension election benefit is chosen and you outlive your spouse, you have elected a redu-tion in your pension check for the rest of your life for an additional benefit no one will ever receive. In addition, this pension election often leaves no residual benefit to other family members.
Life insurance can be a viable alternative to taking a spousal pension check. A life insurance death benefit provides your spouse money that they can convert into a lifetime income if you die first, OR could be left to other beneficiaries if you spouse does not outlive you.
Here are some details regarding utilization of this strategy:
Before making your spousal pension election, find out life insurance could be a better option for your family.
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* Information in this section is meant to be general as details and guarantees of fixed annuities vary from contract to contract. Consult your agent and company material on each particular contract.
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