Q.: I will be retiring in about three years. My insurance broker urges me to protect my wife with life insurance rather than with a survivorship option from the NYCERS. What do you think? P. H.
A.: Your insurance broker is attempting to sell you "pension max". You will elect "maximum" (no option) from the NYCERS. Should you die before your wife, she will receive the death proceeds from the life insurance company. The proceeds will be invested in such a way as to generate retirement income substantially equal to the survivorship option you could have elected from the NYCERS for the benefit of your wife.
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