Greetings
I hope to retire in mid-2011 at age 55. Among the many options for my pension distribution, the two I am considering are the closest I have to a lump sum payout: five year simple (60 monthly payments, unless I die first) or 5 year certain (i.e. if I croak my survivors get the balance of the payments).
The five year simple totals to $1.9MM. The five year certain totals to $1.87MM. i.e. it costs $30K to ensure that my survivors get all 60 payments.
I want the certainty that my wife & kids are covered. I would like to explore if I can get a better equivalent deal by taking the $1.9MM simple and protecting it with five years of term life insurance. Maybe five successive one-year policies, each successively smaller as I receive the pension payouts.
Is there anything wrong with such a scheme? Is there anywhere I can get sample quotes for such a policy without commiting my contact information, like you can with annuity quotes?
Thanks, bob
I hope to retire in mid-2011 at age 55. Among the many options for my pension distribution, the two I am considering are the closest I have to a lump sum payout: five year simple (60 monthly payments, unless I die first) or 5 year certain (i.e. if I croak my survivors get the balance of the payments).
The five year simple totals to $1.9MM. The five year certain totals to $1.87MM. i.e. it costs $30K to ensure that my survivors get all 60 payments.
I want the certainty that my wife & kids are covered. I would like to explore if I can get a better equivalent deal by taking the $1.9MM simple and protecting it with five years of term life insurance. Maybe five successive one-year policies, each successively smaller as I receive the pension payouts.
Is there anything wrong with such a scheme? Is there anywhere I can get sample quotes for such a policy without commiting my contact information, like you can with annuity quotes?
Thanks, bob