Quote:
Originally Posted by Snowbirdtobe
When we take our pensions we will need to select from a range of choices such as single life, 50% joint, 10 year certain etc.
These amounts are based on the average life expectancy.
Is there a professional in TV area that will look at our medical history and give an opinion as what choice will likely give us the best payout?
One planner suggested that we buy life insurance to give the surviving spouse a payout and take the single life option. Paying the premium with the difference between joint and single life. This may be difficult due to our insurability.
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Just some general thoughts.
Stay away from pension "maximization" by using life insurance.
10 year certain is beneficial to any heirs...not to you or your spouse.
Joint life would be a better choice, if the 50% reduction is NOT for the death of either spouse.
You may be better off with the single or joint life then with a graded payment, unless you live longer than 17 - 18 years.
Do you have a choice of provider for the annuity/pension? Or is this only with their contracted insurance company?