My Dad and stepmom are 70 years old and in retirement. In addition to their retirement savings, they both receive substantial annuities from Social Security and pensions, to the tune of $60K/year for my Dad and $40K/year for my stepmom. Half of these annuities for each are inflation indexed. They have no life insurance, and I've suggested to them that if one of them were to get hit by a bus tomorrow and the other lived another 25 years, the survivor may not be able to maintain the lifestyle they're accustomed to with the loss of part of the annuity.
I've done a little Internet research and see there is a product called Joint Term Life which seems appropriate for them as the survivor will not need life insurance. My question is this: since my Dad's annuities are more than my stepmom's, can joint term life be bought with a larger payout for him than for her? In other words, if he dies the payout is $500K while if she dies the payout is $300K?
I've done a little Internet research and see there is a product called Joint Term Life which seems appropriate for them as the survivor will not need life insurance. My question is this: since my Dad's annuities are more than my stepmom's, can joint term life be bought with a larger payout for him than for her? In other words, if he dies the payout is $500K while if she dies the payout is $300K?
