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I am planning on retirement on 3 - 6 months. I have a number of pension options (total of 15, all monthly payments) and I am having difficulty deciding which one to select. I am tempted to take the "basic" benefit and purchase 15 yr team insurance to cover my spouse in case of my death. It's tempting to take the basic benefit ($2807/mo) and use the difference to purchase a term life insurance policy. It appears that my company is purchasing me life insurance (via the survivor benefit) at several times the premium for a 15 yr term policy. The difference is appx $400/mo for survivor benefits, depending upon which option I select. I can purchase a $100k policy for $1719/yr. Do you have any advise/insight on this situation. Thanks.
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