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No. of Recommendations: 2
What we think is not as relevant as the numbers you found from doing the math.

Our opinions have no validity outside of such details. For example:

Your age
The age of any spouse
Other sources of income (guaranteed or otherwise)
Current health of you and your spouse
Life expectancy of you and your spouse
The monthly payment you will receive
The payment options
Other life insurance
Your ability to invest the money and the assumed rate of return on such

All of the above could have a major impact on whether to take one option or another.

Some light reading and a simple calc to help you with this. Generally, I find that people are better off taking the lump sum but I have also seen many a public pension where the lump sum is significanly less that what a person would receive in discounted payments
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