The FEHB is what really makes survivor benefits worth signing up for. Late in life is when it’s really important to have health insurance, and let’s be honest, federal health insurance is some of the best you’ll find.
@@mrsmc2612what do you mean by that comment? If you live past 86 you still will have FERS and still have FEHB and if you die at say 87, your spouse will get the survivor benefits, just like if you got whole life insurance. The survivor benefits is the government's version of whole life insurance. It works exactly the same way except it's way better.
Your advice is good but only if you die soon after you retire. The SBP gives diminishing returns the longer you live and becomes useless if the spouse dies first. I agree with your assessment of Term insurance but, Whole life will be the whole insured amount whether one dies the day after retirement or 40 years after retirement and you can name multiple beneficiaries.
So if I retire w/ no survivor benefit and my wife was under my FEHB my entire career and she is a Fed since 2016 would she be able to assume my FEHB if I passed away? Or would she need 5 years of FEHB in her name before her retirement to keep it.
Great question. If you do not select the survivor benefit, your wife will not receive your FEHB if you passed away. But, if she is a federal employee she has the opportunity to get her own FEHB.
Great question. Here's two videos that can help: th-cam.com/video/f62N7jz-E78/w-d-xo.html&ab_channel=HawsFederalAdvisors th-cam.com/video/dgbrkq_F78o/w-d-xo.html&ab_channel=HawsFederalAdvisors
That is another great option to consider. There's definitely a lot of details to consider. If you would like to see future content on this topic, feel free to submit this question here: app.hawsfederaladvisors.com/question-submission
Helpful video, thank you. How about this hypothetical. Retiree makes spousal election, but outlives the spouse. Would a new spouse be able to receive the spousal election as well upon the death of the retiree?
This is a great question. You may select a new spouse within two years of the new marriage to receive the survivor benefits. Here's a link for more information: www.opm.gov/frequently-asked-questions/domestic-partner-benefits-faq/retirement-benefits/
Yeah FEHB is the number 1 reason to have a Survival Benefit
The FEHB is what really makes survivor benefits worth signing up for. Late in life is when it’s really important to have health insurance, and let’s be honest, federal health insurance is some of the best you’ll find.
Yes that is true unless you live past 86 as he possibly out. So many things to consider.
I wish the government offered whole life.
@@mrsmc2612what do you mean by that comment? If you live past 86 you still will have FERS and still have FEHB and if you die at say 87, your spouse will get the survivor benefits, just like if you got whole life insurance. The survivor benefits is the government's version of whole life insurance. It works exactly the same way except it's way better.
long story short, these are darn good information. Thanks Dallen!
Glad the information was helpful!
Your advice is good but only if you die soon after you retire. The SBP gives diminishing returns the longer you live and becomes useless if the spouse dies first. I agree with your assessment of Term insurance but, Whole life will be the whole insured amount whether one dies the day after retirement or 40 years after retirement and you can name multiple beneficiaries.
Now if you need to have FEHB, that changes the calculus. In my case I don't need it.
Great info and breakdown again, thanks😊
Glad it was helpful!
@@PlanYourFederalBenefits 😉
Excellent! Thank you!
You are welcome!
So if I retire w/ no survivor benefit and my wife was under my FEHB my entire career and she is a Fed since 2016 would she be able to assume my FEHB if I passed away? Or would she need 5 years of FEHB in her name before her retirement to keep it.
Great question. If you do not select the survivor benefit, your wife will not receive your FEHB if you passed away. But, if she is a federal employee she has the opportunity to get her own FEHB.
Can you explain how this will work if you have a dependent with disability? My son who is adult is fully dependent on me.
Great question. Here's two videos that can help:
th-cam.com/video/f62N7jz-E78/w-d-xo.html&ab_channel=HawsFederalAdvisors
th-cam.com/video/dgbrkq_F78o/w-d-xo.html&ab_channel=HawsFederalAdvisors
If you can afford both, get both. But not WL or Term. Instead another form of permanent life insurance.
Thanks!
No problem!
Great video.
Glad you enjoyed it
Take the 25 percent benefit and get life insurance if needed, spouse keeps FEHB.
That works if you have a good TSP saved up. But yes, that is likely our plan since we plan on having a very good TSP account.
Can you explain Universal Life Insurance in comparison?
That is another great option to consider. There's definitely a lot of details to consider. If you would like to see future content on this topic, feel free to submit this question here:
app.hawsfederaladvisors.com/question-submission
Helpful video, thank you. How about this hypothetical. Retiree makes spousal election, but outlives the spouse. Would a new spouse be able to receive the spousal election as well upon the death of the retiree?
This is a great question. You may select a new spouse within two years of the new marriage to receive the survivor benefits. Here's a link for more information:
www.opm.gov/frequently-asked-questions/domestic-partner-benefits-faq/retirement-benefits/
@@PlanYourFederalBenefits Thank you!
$4k pension... I wish! 😂
My federal pension is just over $4K a month and I retired 9 years ago.
Thanks!
Thank you so much!