For those who are married, have a significant other, or children, having their pension cease upon their death is not an option they would choose. So the next thing the pensioner does is look at their list of other options. All of these other options involve reducing their benefit, and the more you want to protect, the more expensive they will be. In addition, the age difference between the pensioner and the beneficiary has a major impact on the cost. Electing a younger spouse or child as a beneficiary could cost thousands of dollars each year. So what do you do? This is where a Pension Max comes in for those who it is appropriate for. Instead of taking a reduction in your pension, you take your full pension, and the money that you would have given back to the pension plan is used to buy a properly designed permanent life insurance policy.
LET'S MAKE SURE YOU MAKE A CONFIDENT PENSION DECISION
Pension Max can connect you with a local advisor that is skilled in helping employees who participate in the NYS Retirement System.