PSprig, you asked:

<< My husband is 51 and he is going to retire in 1 year. He will receive a generous monthly income from his sheet metal workers pension. Should we take a $400.00 reduced monthly pension in order to have 50% survivor benefit or buy a $500,000 20 year term life insurance policy. This is approx. $1,100 or 1,200 anually. >>

You should crunch the numbers to see if they might work out for YOU and your situation. If you take the term insurance, which might cost you around $850 year, and invest the additional income from not taking 50% survivor benefit, then you it's likely you'll see that taking the 100% instead of the 50% can come out way ahead . . . . especially if one is starting at an age of 52. This all depends on too on various assumptions and assumptions regarding how you invest. At that age, one is very likely to live at least another 35 years. So, you may want to consider that as you crunch your numbers.