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Old 08-06-2015, 10:46 AM
 
81 posts, read 67,827 times
Reputation: 260

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In the process of filling out retirement forms for DH (he's looking over my shoulder as I type this)

The two survivor options under consideration are 100% and modified 100%.

The monthly payout diff is right at $50, so $600/yr That's not going to make any real diff either way - we are somewhat comfortable in our retirement funding (certainly not lush though)

We thought immediately to go with modified as it allows the return to the full payout for DH if I die first. Our family genetics are quite opposite: mine very long lived, his not. But who knows what could happen to me so I'd want him to have every cent he's worked hard for.

But considering $600/yr over 30 yrs leaves $18k on table. Which could help out our kids or grandkids some day.

I believe his existing health issues would preclude another life insurance policy to bridge gap.

Hate thinking about this stuff but I'm reminded by old threads that you really get but one chance to make these decisions and submit the forms.

Thoughts?
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Old 08-06-2015, 10:55 AM
 
Location: MMU->ABE->ATL->ASH
9,123 posts, read 17,125,688 times
Reputation: 9974
What the difference in the coverage of 100% and Modified 100% other then the $50?

Does one give Life Heath to him, vs other that does not?
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Old 08-06-2015, 11:02 AM
 
81 posts, read 67,827 times
Reputation: 260
No difference. Just a $ payout only.
Tks
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Old 08-06-2015, 11:16 AM
 
Location: MMU->ABE->ATL->ASH
9,123 posts, read 17,125,688 times
Reputation: 9974
There has to be some difference to justify the $50/Month Cost.

Cause why would they offer two options that have the same benefits, but one "Costs" $50/more a month.
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Old 08-06-2015, 11:16 AM
 
Location: Northern panhandle WV
3,007 posts, read 2,168,437 times
Reputation: 6691
I would say go with the modified. What is the likely hood of saving that 18,000 for the grandchildren really?

I think you should consider him first. Also if you are both collecting Social security, you or he will lose one of those payments too, so all the better if it goes back to full amount on pension.
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Old 08-06-2015, 12:03 PM
 
Location: Central Massachusetts
4,800 posts, read 4,842,106 times
Reputation: 6377
Quote:
Originally Posted by joni78 View Post
In the process of filling out retirement forms for DH (he's looking over my shoulder as I type this)

The two survivor options under consideration are 100% and modified 100%.

The monthly payout diff is right at $50, so $600/yr That's not going to make any real diff either way - we are somewhat comfortable in our retirement funding (certainly not lush though)

We thought immediately to go with modified as it allows the return to the full payout for DH if I die first. Our family genetics are quite opposite: mine very long lived, his not. But who knows what could happen to me so I'd want him to have every cent he's worked hard for.

But considering $600/yr over 30 yrs leaves $18k on table. Which could help out our kids or grandkids some day.

I believe his existing health issues would preclude another life insurance policy to bridge gap.

Hate thinking about this stuff but I'm reminded by old threads that you really get but one chance to make these decisions and submit the forms.

Thoughts?

I concur with arwenmark. Go with the modified and keep active.
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Old 08-06-2015, 12:37 PM
 
Location: Central Connecticut
412 posts, read 261,109 times
Reputation: 924
Go with the modified.

My parents expected that my father would go first, so they only had life insurance on him. My mom passed away recently, and it has really hit my father financially. He had to come up with funeral and burial costs, and lost her pension and social security. He barely has enough to get by on and has no extra for upkeep on the house (which he won't sell, but that's another story).
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Old 08-06-2015, 02:40 PM
 
708 posts, read 501,365 times
Reputation: 1165
My wife and I went through the same thing when she retired. We looked at this way. I have large 401K with her as the beneficiary so she will get that if I die first so only make sense that I get her pension if she went first. As a married couple we feel all of the money we get is both of ours together.
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