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.
The steps to make your pension last for generations..
Joint with Survivor Option or Single Life Payout?
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.
Don't give up the pension you worked hard for!
The Pension Max Program allows healthy, non-smoking retirees to provide for their family for generations instead of their pension benefits ending when the pensioner and/or spouse dies. Members who qualify for the program will choose the Single Life Payout option and invest the difference in payout from the joint with survivor option in a life insurance policy.
The spouse is the beneficiary of the life insurance policy, so when the pensioner dies, the death benefit goes to the spouse. If the surviving spouse only spends the interest, the lump sum goes to the next generation tax-free.
Contact ULTRA before choosing between the Single Life Payout or Joint with Survivor Option at retirement. There is a third option!