Pension Maximization
ULTRA’s Pension Max Program allows for healthy, non-smoking retirees to provide for your family for generations instead of the benefit ending at the death of the pensioner and spouse. Before choosing between the Single Life Payout or Joint with Survivor Option at retirement, contact ULTRA to see if the Pension Max Program is right for you.
How does the Pension Max Program work?
Choose the Single Life Payout option at retirement.
Instead of taking the Joint with Survivor option, the Pensioner will select the higher paying Single Life Payout pension option and use part of that pension income to pay for a Term Life Insurance policy that can be converted to Whole Life at the end of the Term.
What happens when the Pensioner dies?
Upon the death of the insured/Pensioner, the pension income stops and the Life Insurance policy will pay out TAX FREE to the surviving spouse. This lump sum life insurance benefit can then be reinvested by the surviving spouse to ensure they are receiving the financial support and income required to maintain the current lifestyle without the Pensioner's income.
What happens at the death of the surviving spouse?
The re-invested funds remaining at the death of the surviving spouse will then be passed to the beneficiaries of the estate TAX FREE through the Living Trust or Insurance policy set up by the surviving spouse.
Who does this work for?
This program works best for healthy, non-smoking members that are getting ready to retire.