Life Insurance


Life Insurance:

Are you are considering option A vs. C and creating your own Survivor benefit? Life Insurance may be a great tool for your beneficiary and your family. Here are some questions to think about:

  • What if you outlive your beneficiary? Yes, you “pop up” to option A, but you cannot choose anyone else and the entire extra premium you paid (difference between A vs. C)—which may be as high as $5,000 to $6,000 annually—is lost.
  • What if you paid that amount for 30 years into retirement? That is more than $180,000.
  • What if something tragic happened to you and your beneficiary at the same time? No one will receive anything from your pension.
  • What if there is a divorce? Your ex-spouse will still collect your pension as the survivor.

These are some of the benefits:

  1. You may save tens of thousands over your lifetime
  2. Lump sum tax-free amount paid to the beneficiary vs. a monthly annuity payout
  3. You may choose a primary beneficiary and contingent beneficiaries
  4. Ability to change beneficiaries gives you more control in case the survivor pre-deceases the insured
  5. Most policies will allow you to decrease the face amount as needed, reducing your premium
  6. A trust can be set up as the contingent for educational reasons or special needs
  7. You can create a legacy

There are many types of Life insurance. What is the best type for your family?

  • Term
  • Universal life
  • Whole life
  • Variable Life

Remember these are irrevocable decisions you will be making. Make sure you consult with our experts that have been specializing in working with educators since 1996.