Maximize your pension with Life Insurance!
If you are a participant in a traditional pension plan, you have a plan that is designed to provide you with monthly income payments upon retirement. First, however, you must make an irrevocable choice for how the benefits will be paid – Life Only Benefit or Joint & Survivor Benefit.
- The Life Only option pays you the maximum monthly benefit, but upon your death, your spouse does not continue to receive payments.
- The Joint & Survivor option pays a reduced benefit, usually ½ the benefit, but your spouse will continue to receive benefits when you die.
In most cases, the Joint & Survivor option is chosen to guarantee income for the spouse. However, with a Pension Protection strategy, the participant would choose the Life Only option and purchase a life insurance policy to maximize the benefit upon death. The goal is to provide you & your spouse the maximum pension income while you’re alive and to provide your spouse with the same financial protection after your death.
If you’re married & participate in a pension plan, speak with one of our agents today to see if this strategy is right for you!
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Pete specializes in life, health, medicare, annuities, retirement and group insurance.
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