As a teacher in the Teacher Retirement System, we are given the option of taking a reduce annuity for the right of insuring that our beneficiary will receive 100% of our annuity upon our death. According to my calculations, it would mean 11% less in yearly income to take this option. I am curious to know if this would be better than just obtaining a life insurance for both myself and my wife. I realize that term insurance premium would incease as one gets older. We are only three years away from retirement and both contributors to TRS.