Life Insurance or joint pension
Hi Terry,
My husband will receive his pension in July 2027 retirement. Instead of opting to take a percentage so I, his spouse receives an amount if he passes before me, should he opt to take the entire amount at retirement and get life insurance instead with that money? We currently don’t have life insurance because it’s so expensive. He’s 66 and I’m 67.
Thanks-
Terry Says
No! Life insurance would be prohibitively expensive at this point — even if he qualifies based on health. He should opt for the “joint” life pension — even though it reduces the monthly benefit.
