Wally
BrownCafe Innovator & King of Puns
What local?
Life only Pension?
- Thread starter Over70irregs
- Start date
bottomups
Bad Moon Risen'
Local 344.
Wally
BrownCafe Innovator & King of Puns
That certainly takes some guess work out of the equation.
Darmark7
Retired 2020. Not my Problem Anymore!
I’m in local 79. South Florida.
639. It's called survivor benefit with pop-up.
Re-Raise
Well-Known Member
Obviously it is a personal choice and you want your surviving spouse to have enough to live on after you’re gone.
As far as life insurance goes, I know that insurance agents aren’t selling policies to be altruistic. They have actuaries that have determined that they will make more money off of the premiums than they will have to payout overall.
It is similar to Sara from the warranty department that calls me every couple of days trying to sell me an extended warranty for my truck.
She doesn’t really care about my truck! Lol
As far as life insurance goes, I know that insurance agents aren’t selling policies to be altruistic. They have actuaries that have determined that they will make more money off of the premiums than they will have to payout overall.
It is similar to Sara from the warranty department that calls me every couple of days trying to sell me an extended warranty for my truck.
She doesn’t really care about my truck! Lol
And if you unexpectedly passed away all that money you work for goes back to the union.
bottomups
Bad Moon Risen'
I tell Sara I traded my car in on a 1917 Ford Model T and ask what she can do for me. She usually hangs up right away but someone else calls the next day.
BrownFlush
Woke Racist Reigning Ban King
I got $250K worth of term for $65 a month when I retired at 52.
Sure beat what they wanted to take out of my pension for survivors benefit.
That's not a bad deal. But what happens if you die 10 years in one day later?
Re-Raise
Well-Known Member
Same as if we both die. We decided our expiration dates were similar
Wally
BrownCafe Innovator & King of Puns
Is 250k enough to replace the survivors pension? Seems low unless you are an advance age.
BrownFlush
Woke Racist Reigning Ban King
What bills are you going to leave your spouse?
When you retire, you should have everything pretty well paid off. If you don't, you aren't going to retire.
So, no bills, $250K put in the bank when you kick the bucket( not counting what you saved by not doing the survivors benefit) and more than likely your wife will be 62 and on SS and will get a raise (survivors benefit) when you die.
What would it take for your spouse to accumulate $250K on a monthly basis from your pension? (survivor benefit takers checks are less) Probably 10 -15 years at least if she lives that long.
Well enjoy your retirement my friend and I hope everything works out for you and your wife
BrownFlush
Woke Racist Reigning Ban King
I did 20.
If I die 20 years and one day later, I figure I still win. I got 20 years at the full pension benefit with my wife and we still saved money.
Re-Raise
Well-Known Member
Thanks! Same for you and your family!
No right answer without knowing the future
Darmark7
Retired 2020. Not my Problem Anymore!
I’m curious, you did a 20 yr term. You are 52 so your policy expires when you are 72. At 72 you could have quite a few years left (unless you know you are in bad health already and don’t think you will make it) My question is what do you plan on doing if you get to 72 and your policy has just expired. Thanks
Trust me I'm working on it. I'm trying to hang in till the end of the contract
Sounds like you got a good deal on life insurance then
Similar threads
