What type of life insurance do you have after you retired from Ford? Purchase Ford optional life insurance or purchase term life insurance outside of Ford. Do you even need life insurance after you retired? What is best from your experience?
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In 2020, HR distributed a pdf "Leaving Ford ...", page 45 or 57.
Basic Life Insurance
•Company-provided benefit available if you were hired before 2004
•Benefit is capped at $25,000
Can you elaborate on the $25,000 of life insurance after you retire. I am aware that there is a small life insurance payout after you retire, but I am not sure about the exact amount and/or whether it varies based on the grade level you retire at.
You should probably look up some YouTube videos and educate yourself on the reason for life insurance. In general, you need life insurance if you need to replace your income if you die. If you retire and have no income (salary), you likely don't need it. The purchased insurance through Ford after you retire is very expensive. I have a unique situation where I require 'permanent' life insurance, so I bought a policy outside of Ford.
It’s $25,000.
If you need life insurance your probably aren’t ready to retire.
Invest in the premium you would have paid for life insurance into a Roth IRA. You'll be better off.
If you are 60, retired with pension do you need life insurance?
After retirement with lump sum, term life insurance is no longer needed to hedge. And, assuming that your age is near 60's, it is unaffordable to buy anyway.