Retiree Life Insurance

Discussion in 'UPS Retirement Topics' started by selah, Feb 18, 2013.

  1. selah

    selah New Member

    Hello everyone,

    My husband retired from UPS just this month after 34 years. He was in management. My question to you all is about the retiree life insurance options.
    I was told by Prudential that my husband could either port or convert. I was told he would receive a packet in the mail after he changes to retiree benefits which will be April 1.
    However, a few days ago, he received something from Prudential giving the option to convert to a whole life policy (very expensive) or to apply for new life insurance which requires evidence of insurability. They did not even mention the portability option.

    From research I have done, it seems that porting the insurance is the most affordable option. I did a search for this topic and did not see one. Can those of you who retired from management talk about what you did and explain the pros and cons?

    Thank you!
  2. beentheredonethat

    beentheredonethat Well-Known Member

    UPS had term life insurance policy of 10x monthly pay and the option to buy more term life insurance. I never bought more, since I had my own policy that I bought (via selectquote) that was cheaper then what I could get via UPS. I am actually going to sign up again for another 10 year term policy (my current term policy goes for another 2 years). I figure I'll be able to get a new 10 year plan, and I'll still be young enough to get a decent rate, and yet once the 10 years is up, I'll be at retirement age with all my kids out of college, at that point, I wouldn't need to buy life insurance anymore. If he's retired, and assuming you selected a pension of joint surviving, why would you pay for a life insurance policy for a retired person? That doesn't make much sense.
  3. selah

    selah New Member

    I understand what you are saying, beentheredonethat. In our case, it does make sense. I spoke with Prudential today and they said we would receive a packet in April showing the costs to port or convert. Thank you for your reply.
  4. rod

    rod retired and happy

    Quick--someone warn this guy his wife is checking on life insurance. He must be really getting on her nerves now that he is retired.
  5. selah

    selah New Member

    rod- I just saw your response. Too funny! I am a big believer in life insurance for both of us. My mom was a widow for 26 years after my daddy died, and I saw how she struggled financially. Neither one of us should have that problem, but I don't think it would hurt for us to have some life insurance. We did chose the joint survivor on the pension, but we also have adopted children (after raising our bio kids) who are still at home. People probably thought we were crazy to adopt children when we did, but they have been such a huge blessing in our life. I am so thankful to be their mom.