DH will have to select a pension option soon. The difference in monthly income between Life Only (where I would get nothing if he should pass) or 100% Survivor (where my income would not change should he pass) is $$611/mo.
I remember attending a retirement seminar years and years ago (provided by the company DH works for) where the speaker suggested taking the higher life only pension option and buying life insurance with some of the "extra" income. If a policy that would provide me a $2M payout would be less than $611/mo., it might be a decent strategy. He is 55, but he does have high cholesterol and takes meds for it.
I'm just wondering how many people have done this or whether it's a hair-brained idea. I admit I know almost nothing about life insurance, but I'm thinking a term-life insurance policy.
The company paying the pension is a Fortune 500 aerospace company.
I have no clue where I'd buy the insurance - any suggestions?
The risk might be greater with an insurer going belly-up rather than the aerospace company, but I really have no clue.
We're just trying to explore all options before he makes a decision that is permanent.
I remember attending a retirement seminar years and years ago (provided by the company DH works for) where the speaker suggested taking the higher life only pension option and buying life insurance with some of the "extra" income. If a policy that would provide me a $2M payout would be less than $611/mo., it might be a decent strategy. He is 55, but he does have high cholesterol and takes meds for it.
I'm just wondering how many people have done this or whether it's a hair-brained idea. I admit I know almost nothing about life insurance, but I'm thinking a term-life insurance policy.
The company paying the pension is a Fortune 500 aerospace company.
I have no clue where I'd buy the insurance - any suggestions?
The risk might be greater with an insurer going belly-up rather than the aerospace company, but I really have no clue.
We're just trying to explore all options before he makes a decision that is permanent.