My husband has a very small pension from a former employer. He is 55 now and has several options to consider & I'd like some fool input. He is considering taking the level income plan that will give him around 300 a month until age 62--then nothing. A jt & survivor annuity would be around 75.00 for life. No one knows how long they will live and since my husband has had triple bypass surgery, he wants to take the level income and use that money to invest possibly by dollar cost averaging. The level income plan would pay 75.00 a month to me in the event of his death. Do you think this is a foolish thing to do?? (A lump sum payment is not an option.)