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My husband and I are in a similar situation and have decided to take the option where I get one half of his pension if he dies. We rejected the life insurance option for several reasons. At my husband's age of 65 the premiums are high. What happens to me if later on the insurance company drops my husband because of his age or health? What happens if we cannot afford the premiums later on? What happens if the insurance company goes out of business or is taken over by another company? If my husband dies, what happens if the insurance money I receive is lost because of bad investments? My husband's pension is from a city government and has a cost of living provision so we feel that his pension will be there for many years to come.
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