Pensions and insurance
A lot of pensions give you payment options where you could take the maximum benefit for the rest of your life or a lesser amount so that if you die a percentage of the payment will continue to a spouse or children. What some people do is buy a permanent life insurance plan so that they get best of both worlds. They could take the maximum payment on their pension plan and if they die then the death benefit gets paid to the beneficiaries to continue income.It works better the younger you buy the inssurance because it is cheaper.
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