A few other points to consider:Your health - premiums for replacement policy (especially since you are at retirement) can vary wildly dependent on health. The "cost" of survivor benefit for your wife is fixed - your health status doesn't matter to the pension plan.Premium continuance - only works if you are diligent in spending the 15% on premium each payment period.Generally, adjustment factors for different forms of death benefits have some sort of actuarial basis reflecting the anticipated cost of providing a death benefit, so don't expect any bonanza in extra money for your spouse by going the insurance route. (BTW, does your financial planner make any money off of you if you go with the survivor benefit under the pension plan?).
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