1-800-562-8019
Questions? Contact us!
Phone: 800-562-8019, 704-924-7400
Fax: 704-924-9387
Email: jthartline@gmail.com
| Joint & Survivor Option | Insured Pension Maximization | |
| While you and your spouse are both living | A reduced monthly pension benefit is received from the Retirement Administrator | The maximum monthly pension benefit is received |
| If You Die First | Your spouse continues to receive this reduced monthly pension benefit from the Retirement Administrator | A Lump Sum benefit or a monthly payout that you and your spouse designed would be paid to your spouse. This benefit would be mostly tax-free. |
| If Your Spouse Dies First | You continue to receive this reduced monthly pension benefit from the Retirement Administrator for your lifetime | You continue to receive the maximum monthly pension benefit for your lifetime |
In making a decision about which monthly payout option to choose, most retirees want to make certain they have provided for a surviving spouse/beneficiary who will receive income after the retiree’s death.
- You purchase sufficient life insurance (on your life) now to provide the monthly survivor benefit that your spouse would have received if the Joint and Survivor income option had been elected. You will need to be insurable to qualify for the life insurance.
- You should go ahead and apply to see if you qualify some time before you have to make your retirement payout decision with your employer (the insurance application process takes some time); if you do not qualify for the insurance, the Joint Option Choice can be made.
- Once the policy is in force, at your retirement you elect the Life Only income option from your pension plan and your spouse waives the Joint and Survivor Income Option.
- Upon your death, the life insurance benefit is either paid in a lump sum benefit to your spouse, or if you’ve chosen our specially designed policy, the benefit is paid out monthly.